Igaming gross revenue came in at $174.1m in May, up 23.5% year-on-year.
Total revenue in May was comfortably higher than $479.4m in the same month last year. It also surpassed the $504.6m reported in Pennsylvania in April this year by 3.3%.
While the igaming segment saw the most growth, land-based slots remain the main source of gambling revenue in Pennsylvania. For May, revenue from physical slots hit $214.1m, a rise of 1.6%.
Mobile sports betting gross gaming revenue increased 10..5% annually to $59.1m on a handle of $557m, which marked an uptick of 21% on the previous year. Promotional spend across operators was up 6.3%.
In the land-based sector, table games revenue edged up 2.5% to $83.7m.
Deutsche Bank noted gross gaming revenue for both Caesars and Penn’s land-based properties were down 12.2% and 1.2% year-on-year respectively.
An analyst note from the investment bank noted the calendar in May was favourable, with nine weekend days in May of 2024 versus eight weekend days in May 2023.
Igaming steals the show in Pennsylvania
Online slots saw the most growth, with revenue jumping 26.2% to $126.9m, while table games revenue hiked 18.6% to $44.9m. However, there was a 9.1% drop in internet poker revenue to $2.3m.
Deutsche Bank estimated that FanDuel led the market with a 25.5% share of igaming in May. DraftKings is estimated to follow with 18.7% market share and BetRivers with 18%.
Hollywood Casino at Penn National Race Course posted $65.1m in total igaming revenue, while Valley Forge Casino Resort reported $44.4m in igaming revenue and Rivers Casino Philadelphia’s site noted $31.3m in revenue.
It was noted that all operators in the Pennsylvania igaming sector reported growth in May.
Sports betting handle nears $600m in May
Turning to the sports betting sector, revenue here increased 7.6% year-on-year to $44.2m. Of this, $41.6m came from online wagering, with the remaining $2.6m generated by retail sportsbooks across Pennsylvania.
As for handle, players spent a total of $591.9m betting on sports, up 19.4% from $495.6m last May.
Breaking down this segment, Valley Forge Casino Resort, partnered with FanDuel, led the way with $22.8m in revenue.
Hollywood Casino at the Meadows and DraftKings placed a distant second with revenue of $11.0m. Hollywood Casino at Penn National, which works with ESPN Bet, rounded off the top three on $2.2m.
As for other gambling revenue sources in Pennsylvania, video game terminal revenue was 3.0% higher at $3.7m. However, fantasy sports revenue slipped 5.2% to $1.2m in May.
Total tax revenue generated through all forms of gambling for the month hit $216.3m.
Original article: https://igamingbusiness.com/finance/pennsylvania-igaming-growth-may/
