The New Jersey Division of Gaming Enforcement (DGE) and the Pennsylvania Gaming Control Board (PGCB) have always reported online casino revenue by licensee. However, the DGE reversed course earlier this month, announcing a new reporting format that includes earnings from each operator.
The PGCB told PlayPennsylvania it is “not planning to update” the way it reports PA online casino revenue. Pennsylvania undoubtedly is the leading online casino market in revenue. Despite that, it’s difficult to know the exact contributions from each operator because of the PGCB’s reporting style.
Both states reported revenue totals this week.
Since New Jersey and Pennsylvania likely share players crossing to and from the border, we can use the Garden State’s report to make an educated guess on how the online casino market shakes out in the Keystone State.
The leading revenue generators in New Jersey iGaming market
PA online casinos generated $233.1 million in gross revenue in March, beating New Jersey’s total of $197.2 million. Both were state records.
New Jersey and Pennsylvania likely share a good chunk of players who cross the state border on a weekly, or even daily basis. We could use the Garden State’s report to make more sense of the Keystone State’s market.
FanDuel and DraftKings finished in a dead heat in New Jersey, with the former coming out on top. Here’s how the top five operators finished:
- FanDuel: $41.6 million
- DraftKings: $41.2 million
- BetMGM: $22.1 million
- Borgata: $18.2 million
- Caesars: $13.1 million
Each of those five operators are available in Pennsylvania, too.
New Jersey has 31 live operators in the state, compared to the Keystone State’s 21. The five operators mentioned above are the only platforms to exceed double-digit revenue totals in March.
What assumptions can the Pennsylvania market make based on NJ’s report?
The PGCB breaks down revenue in the Keystone State much differently now. Here are the top five licensees based on March revenue, with operators attached:
- Hollywood Penn National (DraftKings, BetMGM, Hollywood, Fanatics): $85.2 million
- Valley Forge Casino (FanDuel, Stardust): $65.5 million
- Rivers Casino Philadelphia (BetRivers, Borgata, PlaySugarHouse): $40.3 million
- Harrah’s Philadelphia (Caesars, Tropicana): $11.5 million
- Parx Casino (betPARX): $7.1 million
Judging by the PGCB’s revenue breakdown, it’s likely the pecking order is the same as New Jersey’s. Assuming it is, based on each operator’s market share in the Garden State, here’s how the top five operators would look like in Pennsylvania based on revenue:
- FanDuel: $49.2 million
- DraftKings: $48.7 million
- BetMGM: $26.1 million
- Borgata: $21.4 million
- Caesars: $15.3 million
There are some obvious caveats to this estimation. Perhaps Borgata performs better in New Jersey than Pennsylvania because of the retail presence in the Garden State. There are factors such as those that must be accounted for.
It’s also probable that Pennsylvania operators are posting even larger numbers than our estimates because there are fewer skins. According to The EKG Line, DraftKings Casino PA produced $59 million in February revenue, which led the state. However, The EKG Line believes February was a “tax-related one-off spike, rather than a performance-related step change.”
Hopefully the PGCB can join New Jersey, and Michigan, as states that report revenue by operator. But for now, these are the estimations we can come up with.
