Pennsylvania’s gaming industry revenues displayed strong annual growth in May as land-based and online operators generated $479.4m.
Data from the Pennsylvania Gaming Control Board revealed that operators’ revenue last month grew by 7.1% year-over-year, as one of the more mature gaming markets continues to show strong results.
The largest contributor to May’s revenue was slot machines at land-based casinos, which generated $210.9m in that period, up 2.5% YoY. Meanwhile, retail table games yielded $81.6m, which marked a decline of 7.8% on an annual basis.
On the digital side, online casino operators took in $138.5m of revenue in May, up 25.3% YoY. This was broken down into $100.6m generated from online slots, and $37.9m generated from online table games.
Per operator, Hollywood Casino at Penn National Race Course was the market leader in the online casino market, making $58.4m in revenue. Penn National was followed by Valley Forge Casino Resort which made $29.5m, with Rivers Casino in third ($29.4m). No other online operator in Pennsylvania made more than $6m in revenue.
With an effective tax rate of 54% on online casino revenue in Pennsylvania, operators paid out $60.7m in taxes to the state, county, and local shares last month.
Strong double-digit growth in sports betting revenue
Sportsbook operators in the Keystone State enjoyed strong annual revenue growth during May, showing the continuing strength of the market that opened in 2019.
Operators handled $495.6m, marking YoY growth of 0.45%. However, a much stronger hold rate, which stood at 8.3% last month, pushed revenue up 17.4% annually.
This meant that taxable revenue for Pennsylvania’s sportsbooks was $41.1m, also up from the $37m made in April, despite a lull of sporting action in this period of the year.
FanDuel was the market leader once again in Pennsylvania, where it handled $194.4m in bets. DraftKings was some distance behind in second place, yielding $133.2m in bets.
Here’s a look at other operator’s handle:
BetMGM: $36.9m
Caesars: $26.8m
BetRivers: $22.7m
Barstool: $21.5m
PlaySugarHouse: $17.6m
Meanwhile, on the revenue side, FanDuel also took the number one spot, as the Flutter-owned brand took in $29.4m of revenue. DraftKings once again took the second spot, generating $12.7m in turnover, whilst BetMGM made it onto the podium with $4.8m in revenue.
Here’s a look at other operators’ revenue:
BetRivers: $2.2m
Barstool: $1.7m
betParx: $1.5m
Caesars: $1.2m
These revenue figures include the tax-deductible promotional credit which, in May, added up to $16.4m. This left sportsbook operators with $41.1m in taxable revenue.
With a 36% tax rate in place on revenue in Pennsylvania, operators paid out $14.8m to the state for March.
Taking both sports betting and online casino, operators paid $75.5m to the state last month.
