The Pennsylvania Gaming Control Board has reported a significant jump in gambling revenue for the fiscal year. The new $6.4 billion figure is a massive leap over last year’s $5.9 billion in the 2023/2024 fiscal year, increasing by around 8% year on year.
Pennsylvania’s gambling earnings have grown almost every year since 2012, with only minor dips. Since the legalization and introduction of other gambling, like sports wagering and fantasy sports, revenue has risen steadily since 2019.
A significant reason for the leap in revenue is in 2020, where iGaming revenue was being tallied. First records put it at $240,894,852. It now sits at $2,477,083,825. Combined with booming sportsbooks, it looks like the only way is up for Pennsylvania.
However, earnings for what the report calls Retail Table Games, or brick and mortar, are actually down 3%. As online gambling becomes far more prevalent and far easier to access, especially with younger generations, brick and mortar casinos like the Harrah’s Philadelphia Casino (-16.98%) and Hollywood Casino at the Meadows (-22.18%), the top two drops reported, will potentially continue to struggle.
Slot machines saw an overall 0.08% rise, with a number of locations reporting a reduction in revenue.
Revenue is up, but Pennsylvania brick and mortar is down
Unsurprisingly, sports wagering revenue in the physical locations is way down. As DraftKings and FanDuel, among other apps, take over the sportsbook world, many physical locations will continue to see a drop in revenue.
Of the 19 locations reported, excluding Parx Malvern, which was listed as “N/A”, 11 reported a drop in revenue. Some saw drops as high as 87.69%. However, one store, Hollywood Casino at Penn National Race Course, saw a 261.51% increase in revenue.
However, sports fantasy contests saw almost universal dips. Only two companies saw a rise of 6.2% (DataForce) and 45.48% (UnderDog Sports), while everyone else, including DraftKings and FanDuel, saw drops. Overall, the entire sector saw a drop of 0.66%. Jock MKT was reported, but has since closed, and a new brand, Splash Sports, is now the operator, explaining the -100% drop.
The gambling world is changing constantly, and figures shown from the Pennsylvania gambling revenue report prove that while revenue is definitely up, a major shift is happening.
The post Pennsylvania reports massive $6.4 billion gambling revenue appeared first on ReadWrite.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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