Pennsylvania sports betting revenue slumps 35% in August as igaming continues to grow
Keystone State regulator reports 7.5% total revenue increase with igaming revenues rising by double-digits in percentage terms
Pennsylvania sports betting revenue dropped by a whopping 35% year on year (YOY) in the August offseason to just $22m, according to latest data from the Pennsylvania Gaming Control Board (PGCB).
In the August revenue report, PGCB reported a total revenue figure from all forms of gaming in the state of $457.1m, up 7.5% YOY from the same period in 2022.
In respect of sports betting, just four of the state’s 19 approved sports betting operators posted percentage revenue rises in August, with the rest reporting losses.
Harrah’s Philadelphia Casino and Racetrack saw the biggest YOY increase in its revenue during August, with revenue increasing 441% to $1.6m, substantially ahead of the Parx Malvern sportsbook which reported a 70% increase over the same period to $57,372.
Parx Casino and Live! Casino Pittsburgh rounded out the list of sportsbook operators to report revenue increases during August, with rises of 19% and 15%, respectively, during the month.
Unaffected by the same seasonality as sports betting, Pennsylvania igaming continued its upward growth trajectory into August, with igaming revenue rising by 35% YOY to $145m in the month.
This increase was punctuated by a 39% YOY spike in revenue from igaming slots to $105.2m and a 30% upsurge in revenue from igaming table games to $37.2m.
Drilling down to operator level, it was Harrah’s Philadelphia which again saw the biggest igaming revenue increase during the month, reporting a 92% YOY spike and $6.1m in revenue.
Harrah’s nearest competition during August was the Valley Forge Casino Resort, which reported an 83% YOY increase in its own igaming revenue to $32.4m in the month.
The Hollywood Casino at Penn National Race Course, Wind Creek Bethlehem, Live! Casino Philadelphia, Mohegan Pennsylvania, and the Parx Casino also reported double-digit percentage increases in their respective igaming revenues during August.
In contrast, Pennsylvania’s other gaming sectors continued to post relatively modest growth during August, with retail table games revenue posting the biggest increase of just 5% to $82.6m.
Retail slots revenue grew by just under 1% YOY during August to $203.1m, with fantasy contest revenue and video gaming terminal revenue both slumping by 5% during the same period.
The overall slump in Keystone State fantasy contest revenue came despite Underdog Fantasy reporting a 98% increase in its August revenue to $14,539.
Total tax revenue generated collectively through all forms of gaming and fantasy contests amounted to $189.4m during August 2023.