Another great month is in the books of Pennsylvania online casinos, as the Pennsylvania Gaming Control Board (PGCB) reports the operators generated $189.3 million in revenue in January, taking the overall lifetime revenue to over $6 billion for the first time.
The Pennsylvania iGaming market has only been opened since 2019, and the $6 billion revenue record reveals the incredible speed at which it has been growing over the five-year period.
According to Poker Industry PRO, PA online casinos generated over $200 million in monthly revenue for the first time last December. Despite the number dropping slightly this month, an 18% increase was recorded compared to January last year.
Looking at individual casinos since the launch of legal online gambling in the state, the $6 billion number breaks down like this:
- Hollywood Penn National: $2.24 Billion
- Rivers Casino Philadelphia: $1.42 Billion
- Valley Forge Casino: $1.10 Billion
- Mount Airy Casino: $373.2 Million
- Parx Casino: $279.6 Million
Each of these casinos has operated multiple skins over the period, with the likes of DraftKings and BetMGM Casino operating under the Hollywood Penn National license and BetRivers Casino and Borgata Casino operating under the Rivers Casino Philadelphia license, to name just a few of the big hitters.
PA iGaming Market Continues Expanding
Since launching in 2019, PA online casinos have been on an upward trajectory and never showed any signs of slowing down.
The operators quickly overtook competitors such as offshore online casinos and sweepstakes poker sites, with most players more content to play on legal and fully regulated gaming platforms.
This fact allowed BetRivers Casino PA, DraftKings Casino PA, and Borgata Casino PA to generate hundreds of millions in revenue and the market as a whole to generate more than $6 billion in revenue in just five short years.
The Pennsylvania igaming market has quickly become the most significant in the country. With new operators like Fanatics and Jackpot City PA entering the market, there is no telling how high the monthly revenue numbers can go and what new records can be set in 2024 and beyond.
New Revenue Records in Sights for 2024
The month-to-month revenue numbers have been relatively stagnant in recent months, with the PA gaming market generating close to $190 million in revenue each month on a monthly basis.
In October 2023, the operators generated $187 million, followed by $191 million in November, $204.2 million in December, and $189.3 million in January 2024.
The slight downtick in revenue in January was to be expected and is nothing that concerns industry insiders, who believe 2024 might be another record year for Pennsylvania online casinos.
Following the $2.1 billion in revenue generated in 2023, the operators are now on pace to reach some $2.3 billion in 2024, provided the monthly average does not drop.
With a couple of new operators joining the fray this month and the market showing a significant uptick on a year-over-year basis, it is more likely that those numbers will go even further up than not.
While it remains to be seen just how far the market can get in 2024, it seems clear that Pennsylvania will remain one of the leading igaming markets in the US for the foreseeable future, even if New York online poker and casinos are legalized in 2024 or 2025.
