Pennsylvania set a new overall gambling revenue record in 2023. Encompassing all forms of gambling, the state produced nearly $5.7 billion in yearly revenue last year.
Earnings keep increasing, whether you analyze the fiscal year or calendar year. PA online casinos and retail slots made the largest contributions to a record-breaking 2023.
Breakdown of Pennsylvania gambling revenue record from 2023
The state’s total gambling revenue of $5.7 billion shattered 2022’s performance of $5.2 billion. Three of the most important verticals, which include retail slots, online casinos and sports betting, experienced large increases from 2022. Here is the breakdown of revenue from all forms of gambling:
- Retail slots: $2.5 billion
- Retail table games: $971.7 million
- Online casinos: $1.7 billion
- Sports betting: $458.6 million
- Video Gaming Terminals (VGTs): $41.2 million
- Fantasy sports: $20.1 million
Retail table games, VGTs and fantasy sports each saw a slight dip in revenue. However, retail slots, online casinos and sports betting more than made up for it. Those three verticals represented the highest increases from 2022:
- Retail slots: 2.93%
- Online casinos: 27.94%
- Sports betting: 14.31%
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Land-based casinos continue to thrive in Pennsylvania market
Despite the addition of online casinos, retail facilities in the Keystone State are still churning out record numbers. Pennsylvania casinos produced $2.46 billion in slot revenue last year, which is the most since the Pennsylvania Gaming Control Board (PGCB) started tracking results in 2013. The previous three highs came in:
- 2022: $2.39 billion
- 2013: $2.38 billion
- 2018: $2.37 billion
Casinos also reported $971.7 million in table games revenue, which is actually a slight decrease from 2022. However, 2023’s total represents the second-highest amount since 2013. The previous highs are as follows:
- 2022: $990.6 million
- 2021: $924.9 million
- 2019: $903.6 million
Pennsylvania casinos have reinvented themselves to become more than gaming facilities. PGCB executive director, Kevin O’Toole, said during today’s meeting:
“A land-based casino has an enormous amount of benefit to the community that goes beyond sitting at a blackjack table or sitting at a slot machine. They have fabulous food and beverage opportunities. And most of them have a hotel, a spa, indoor pools and they have convention space where they can have events and entertainment. Their overall package is more than just the gambling revenue that we cite.”
Online and retail casinos co-exist in Keystone State
When online casinos had been ruled legal in Pennsylvania, many thought it could cut into the profits of land-based casinos in the state. However, after nearly five years of data, that appears to be far from the case.
“When the legislature passed the expanded gaming act and authorized iGaming and sports wagering, they wanted to make sure that it did not negatively affect the ability of land-based casinos,” O’Toole told the PGCB.
Pennsylvania casinos are more than holding their own, despite the massive growth of online platforms. A large reason is that all online operators must partner with a retail casino in order to launch. And in some cases, retail casinos have their own online platform.
Here are the retail casinos that offer their own apps:
- Live! Casino Philadelphia (PlayLive! Casino PA)
- Parx Casino (betPARX Casino PA)
- Harrah’s Philadelphia (Caesars Casino PA)
- Rivers Casino Philadelphia (BetRivers Casino PA)
- Hollywood Penn National (Hollywood Casino PA)
- Wind Creek Casino
Retail casinos are adapting well to the new age of online gambling, which helps both verticals immensely.
The Pennsylvania gambling market doesn’t appear to have hit its peak yet. It’s going to be interesting to see how much more the state is able to grow.
