Pennsylvania online casinos celebrated an important milestone in February, reaching $9 billion in lifetime revenue. The Pennsylvania Gaming Control Board (PGCB) reported that operators produced $261.5 million in earnings last month, which pushed the market past this most recent billion-dollar increment. The bigger news will be in a few months when it adds another zero to the total. At this rate, $10 billion could come as soon as June or July, depending on how sharp the upcoming summer slowdown proves to be.
Pennsylvania has held the title of top online casino market in the US every month since August 2022. Its all-time total revenue currently sits at nearly $9.1 billion, thanks to February’s output. New Jersey still leads the all-time race, thanks to a six-year head start, having launched in 2013. It passed the $10 billion mark in January and may hang onto its lead for another year or two.
For a second straight month, operators experienced a slight setback from the all-time record of $281.2 million in December. February’s total was a 2.4% month-over-month decrease, but a 21.5% year-over-year increase.
All three top markets, Pennsylvania, Michigan and New Jersey, each saw revenue decline from January.
Breakdown of online casino February 2024 PA revenue
- Online slots revenue: $208,165,240
- Table games revenue: $50,900,641
- Online poker revenue: $2,445,679
Quick analysis from February PA iGaming figures
Third time ever revenue declined in back-to-back months
Pennsylvania online casino revenue has been growing at a rapid pace in recent years. However, this is the third time in history where revenue has dropped in consecutive months.
The first time it happened was in 2022 between the months of March through May. Here’s what totals looked like in those months:
- March: $142.7 million
- April: $138.0 million
- May: $136.8 million
The slide in 2022 continued in June and July, too. It also happened between May and July in 2023 as well.
Obviously the market recovered both times and has taken it to where it is today. Is it possible that the growth of the industry is slowing? March will certainly be a key indicator to that question.
Bet365 stumbles after record-breaking month
Bet365 Casino has been an up-and-coming operator since launching in the Keystone State last summer. The platform posted an all-time high of $7.1 million in January revenue.
However, the operator fell back to earth, recording only $5.7 million, which is a significant drop from the previous month.
Promotional spend could be a reason why revenue dropped. Bet365 spent $5.2 million in promotions in January. The operator lowered that total to $3 million in February.
The drop-off in promotions could have decreased revenue for bet365. It is something to keep an eye on moving forward.
2025 is still on pace to break records
Despite two slower-than-normal-months, the industry is still on doing better than it did two months in 2024. The growth, however, might be slowing.
Two months into last year, online casinos generated $404.6 million in revenue. This year, operators are already at $470.7 million.
At that rate, Pennsylvania online casinos would post $2.8 billion by the end of 2025, which would still outdo the $2.7 billion it did in 2024.
