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Stabilization continued to occur in May as the Pennsylvania Gaming Control Board reported that operators produced $321.1 million in Pennsylvania online casino revenue.
Year-over-year growth rates have slowed so far in 2026, with revenue only increasing by 10.1% from this time last year. Gross revenue also improved month-over-month at a 3.3% rate.
Pennsylvania online casinos have been used to seeing year-over-year growth rates above 20% in recent years. That hasn’t been the case in 2026. Despite that, operators did notch the second-highest revenue total last month.
Following up on YoY trends
The industry produced one of its strongest revenue months on record. However, year-over-year growth has continued to moderate in 2026.
Over the course of the first five months, they are as follows:
| Growth Rate | January | February | March | April | May |
|---|---|---|---|---|---|
| 2026 - YoY Growth Rate | 18.0% | 14.9% | 12.4% | 9.0% | 10.1% |
| 2025 - YoY Growth Rate | 41.6% | 21.4% | 26.2% | 34.4% | 34.7% |
| 2024 - YoY Growth Rate | 18.1% | 32.7% | 28.4% | 16.9% | 27.1% |
| 2023 - YoY Growth Rate | 23.3% | 31.2% | 27.2% | 31.5% | 24.6% |
| 2022 - YoY Growth Rate | 42.5% | 36.5% | 27.9% | 30.8% | 20.2% |
| 2021 - YoY Growth Rate | 477.2% | 311.8% | 275.8% | 89.4% | 59% |
While the industry term most commonly used might be “maturing,” PGCB Communications Director Doug Harbach told PlayPennsylvania last week:
“Gaming operators use the term ‘stabilization’ to describe their forecast of when a particular gaming market would reach an anticipated revenue peak.”
Harbach had expected a strong number for May and expects strong figures moving forward. Still, the data suggests Pennsylvania’s market is growing at a significantly slower pace than in recent years.
Staying ahead of Michigan
The Michigan iGaming market has not shown any signs of slowed growth, mainly because the market launched two years later than Pennsylvania. The Keystone State went live back in 2019.
That is a key distinction between the two markets as this point. Michigan reported $305.8 million in gross revenue, a 21.6% increase from the same month last year. The market is still growing at rates north of 20%.
Michigan Gaming Control Board Public Information Officer Lisa Keith had told PlayPennsylvania last week that the industry has not stabilized just yet.
Pennsylvania remains the nation’s largest iGaming market, but Michigan is currently growing at a much faster pace.
Slots rates trump overall market
Online slots continue to outpace the broader market in year-over-year growth. The vertical increased year-over-year at a 13.9% rate, higher than the market’s 10.1% rate.
So far, April displayed the lowest year-over-year growth rate of 9%. However, slots increased at a 15% rate.
Slots accounted for 83.7% of the iGaming market in May, which proves the titles are easily the most popular.
