Pennsylvania's gaming industries saw tremendous growth in February, with sports betting handle rising by 10.4% year over year and online casino income surging by 40.5% annually. The sector as a whole showed resiliency, with PA operators reporting yearly rises for six straight months, despite monthly losses in certain areas.

 

In February 2024, Pennsylvania's Gaming Revenue Increases

According to the Pennsylvania Gaming Control Board (PGCB), the state's gaming industry experienced an abrupt surge in February, with total revenue reaching the astounding amount of $499.1 million. When compared to the same 12-month period, this data clearly demonstrates a growth rate of 9.25 percent. Full revenue information that demonstrates a rise in all game genres may make for an interesting narrative.

The specifics show that revenue from iGaming slots increased the fastest, totaling $125.9 million, or 35.6% more than the previous year. Comparatively, iGaming revenue at the table increased year over year by 56.7% to $56.6 million. In conclusion, revenue from casino gambling saw a slight decline, falling to $30.3 million from $30 million, or 30.0%.

While the revenue from the retail tables climbed gradually by 2.9%, or $76.6 million, the revenue from the retail slots declined significantly by 0.04 percent, or $202.7 million, expressed in a round bracket. 

Even while some businesses had modest declines—VGT revenue fell 2.4% to $3.2 million, and poker revenue fell 8.3% to $2.4 million—the industry as a whole continued to produce significant revenue. In addition, the revenue from fantasy contests decreased by 5.17 percent annually, resulting in $1.3 million in losses annually.

Pennsylvania's casino business is expected to generate 4.6% income during the February 2024 meeting of January 2024, indicating the state's resilience and expansion.

Revenue from PA's Online Casino Soars in February 2024

Pennsylvania's online gambling businesses brought in $184,9 million in revenue in February 2024, an incredible 40,5% more than the previous season and 23,7% more than the same month the year before. 

The last sixteen months have shown this growing trend, with the state of online casino win rising by a substantial 15.4% when compared to January 2024.

When compared to before this time last year, revenues from online slot machines and web-based games like blackjack and roulette, which began on July 15, increased by 35.6% and 56.7%, respectively. However, despite an 8.3% drop in revenues over the previous year, Internet poker was still able to record a 4.6% increase in general revenue. 

Penn Entertainment (NASDAQ: The most paid online gambling service in February, PENN) increased its monthly earnings as well, recovering from a very poor January performance to bring in $77.3 million, or 36.8% more annually. Following suit, Valley Forge Casino Resort secured the second slot and generated $44.8 million in revenue—a 63.0% increase over the previous performance. With an expected $29.3 million in iGaming income, Rivers Casino Philadelphia came in third place, showing an increase of 11.4% over previous year's revenues.

 

In February, Pennsylvania Sports Betting Handled More Than $660 Million

According to the PGCB, Pennsylvania's sports betting handle for the month of February was $661.7 million, up 10.4% from February 2023 but noticeably down 22.9% from January's numbers. Interestingly, February 2024 will be the sixth month in a row that PA operators report growth over the previous year.

February's adjusted gross revenue from online sports betting was $28.2 million, compared to the total of $30.3 million. This represents a 30.0% annual fall and a noteworthy 56.7% monthly decline. 

With Valley Forge Casino (FanDuel) leading the pack with $17.6 million, Hollywood Casino at the Meadows (DraftKings) with $7.7 million, and Hollywood Casino at Penn National (Barstool) with $1.2 million, the individual PA sportsbooks shown a range of performance.

February's NFL schedule featured only the Super Bowl, but March's attendance at the NCAA Tournament is expected to be greater.