Pennsylvania Internet Casino Revenue At An All-Time Monthly High

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Pennsylvania Internet Casino Revenue At An All-Time Monthly High
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Buoyed by a staggering $77.3 million gross revenue haul by PENN National’s multiple internet casino platforms, the Pennsylvania Gaming Control Board reported a record $184.9 million in operator winnings for February on Tuesday.

The amount from PENN National, which is home to online platforms DraftKings, BetMGM, and its internal platform, is believed to be a national monthly record for any operator in the U.S. since internet casino gaming launched in Delaware in 2013.

PENN’s previous record was $64.9 million last September, and February’s figure was 36.8% higher than 12 months prior.

The overall operator winnings in the Keystone State shattered the previous standard of $165.1 million to close out 2023. Gross revenue surged 40.5% higher compared to the previous February and was also up 23.7% from the $149.6 million claimed to start 2024.

All-time internet casino operator revenue in Pennsylvania surpassed $5 billion since launching in July 2019.

The record revenue total came despite a decline in handle from January to $5.72 billion, partly due to two fewer days of play available. The total wagering amount was up 11.7% from the $5.13 billion the previous February.

The state received $51.1 million in tax receipts from online casino gaming in February, the first time it crossed the $50 million benchmark.

The $94 million entering coffers in the first two months of 2024 is $20.3 million ahead of last year’s pace.

Breaking down PENN’s big February

PENN set all-time monthly highs across all three internet casino verticals — slots, table games, and online poker.

The $47.1 million in revenue from slots topped the previous record of $44.5 million last September, while the $29.8 million claimed from the digital felt breezed past the $22.3 million standard set last October and was more than double the $12.8 million claimed in January.

Interestingly, PENN’s hold on table action was 2.5% in February as the drop plunged from $1.28 billion to $1.21 billion. Its hold in January was barely below 1%. Its win rate for slots in February was just shy of 4% compared to 3.3% for January.

PENN claimed $398,700 in poker rake, the second straight month with an all-time high after posting $388,300 in winnings in January. Its year-over-year winnings climbed 36.8% higher and was $26.8 million better than January’s $50.5 million in revenue.

Despite the record-setting revenue, PENN National finished third in terms of year-over-year percentage increases.

Harrah’s Philadelphia, home to Caesars Palace, saw revenue nearly double from February 2023 to $9.9 million, a jump of 95.3%. Valley Forge Casino Resort had a 63% bounce in revenue compared to the previous February, landing at $44.8 as the FanDuel-powered platform had an all-time high while topping $40 million for the fourth straight month.

BetRivers casino rounded out the three platforms that reached eight figures in revenue, reporting an 11.4% increase from last year to $29.3 million.

The Keystone State’s two first-year platforms — Bally’s and Golden Nugget — also posted solid gains compared to their January numbers.

Bally’s ticked 21% higher in topping $3 million for the first time, as handle reached an all-time monthly high of $86 million. Golden Nugget, which absorbed a $355,244 loss in table games in January, had a positive revenue swing of $982,000 in that vertical in addition to more than doubling its slot winnings, finishing with $5.7 million in gross revenue.

BetPARX casino finished $52,000 shy of $5 million in winnings, posting an 8.9% gain from the previous February. Mount Airy had the biggest year-over-year decline of the three platforms that posted drops in revenue, tumbling 28.3% to $3.6 million.

Small gains for brick-and-mortar casinos

Retail casino revenue totaled $279.4 million in February, up 0.7% compared to last year. Table games revenue was 2.9% higher to $76.6 million while slot winnings were practically flat, down less than $80,000 at $202.7 million.

Nine of the state’s 18 venues had at least $10 million in slot winnings, led by PARX casino at $29.3 million. Wind Creek ($24.2 million) and Rivers in Pittsburgh ($21.8 million) were the only other venues to surpass $20 million, with Wind Creek narrowing the gap from 2023 with a 3.7% gain versus a 3.3% decline from PARX.

Live! Casino in Philadelphia was the biggest mover for positive revenue in February, jumping 20.8% compared to last year to place sixth at $13.1 million. It was the only venue to have a double-digit gain from 12 months prior.

Conversely, Harrah’s Philadelphia had an 18.5% decline in slot winnings to $8.9 million — the lone casino to have a double-digit falloff. Tax revenue from slot winnings totaled $102.2 million.

Wind Creek grabs the top table revenue spot

There was a changing of the guard atop the table revenue rankings, as Wind Creek supplanted PARX in February. The Bethlehem-based venue had a 27.3% increase from February 2023 to $19 million, while PARX had a 6.4% dip in claiming the runner-up spot with $15.9 million in winnings.

They were the only two venues to reach eight figures in winnings from the felt, with Live! rounding out the podium spots at $9.2 million thanks to an 11.1% jump from 12 months prior.

The two Rivers venues completed the group of five with at least $5 million in table revenue, as the Philadelphia location totaled $6.9 million despite a 17% year-over-year decline. The Pittsburgh venue, meanwhile, was down 17.7% to $5.8 million.

Taxes on table games winnings totaled $12.5 million. The $499.1 million in total adjusted gross revenue, which includes $30.2 million from sportsbooks, was a 9.3% increase from the $456.8 million reported in February 2023.