Gaming activities in Pennsylvania continue to garner big numbers, for the most part. The Pennsylvania Gaming Control Board (PGCB) announced that total revenue from all gaming activities, including online gambling, and fantasy contests amounted to $440,491,675 in June, marking a 13% increase compared to June 2022. Ironically, the figure is down more than 8% month-over-month.
However, the gaming board reported that the fiscal year 2022-2023 culminated in record-breaking gambling revenue. Pennsylvania made a record $5.51 billion from gambling in the financial year 2022/2023, and the government collected nearly $2.4 billion in taxes. These are the highest amounts ever made in a year, beating the previous record of $5.2 billion made in 2022.
In the past 12 months, nearly all gambling categories saw growth in the state.
Pennsylvania Tax Revenue Also Big
The PGCB oversees a diverse range of gaming revenue streams that comprise slot machines, table games, online casinos, sports betting, fantasy contests, and video gaming terminals (VGTs). In June 2023, the sum of tax revenue generated from these combined sources amounted to $183,786,565.
Sports Betting Remains Massive
When it comes to sports betting in Pennsylvania, more than 90% of it is done online, and the numbers it’s putting up are huge, as taxable sportsbook revenue increased nearly 81% over the past year.
About 40% of online bets were made on FanDuel in June, adding up to nearly $139 million. They made more than $16 million, which was more than half of all the online bets made in the state. After accounting for costs like promotional credits, they still had more than $11 million left that could be taxed.
DraftKings’ total nearly topped $100 million in online bets, which ate up almost 29% of the market. They made nearly $8 million, and after adjusting for costs, they had $5.9 million left that could be taxed.
After that, the total bet money dropped a lot. Here’s the breakdown:
- BetMGM saw a little more than $29 million.
- Caesars Sportsbook saw almost $20 million.
- Barstool Sportsbook saw nearly $17 million.
- BetRivers took in just over $16 million in bets.
Of these, BetMGM made the most money with $2.5 million. BetRivers made $1.6 million, Caesars made $1.3 million, and Barstool made $1.1 million.
And on a side note, the money made from fantasy sports dropped significantly. Fantasy contests generated roughly $849,000 – a decrease of nearly 44% in June of last year. The amount of tax money the government made from these games in June 2023 was $127,289.
Slot Machine Revenue Solid
Regarding slot machine revenue, the earnings reached $201,549,571, up 4.43% from June 2022’s figure of $192,999,137.
Despite the increase in earnings, the number of operating slot machines fell to 25,348 in June 2023, a decrease from 25,823 in June 2022. The tax revenue collected from slot machines in June 2023 stood at $102,188,623.
iGaming Revenue Continues to Thrive
Money made from online casino games went up by nearly 32% in June 2023 to $135,436,692. In comparison, they made $102,923,741 in June of 2022. Also, these online games created $58,978,095 in taxes for June 2023.
So, the numbers in Pennsylvania appear to be slightly mixed, but a lot of it can be attributed to the slowing sports calendar leading to fewer sports betting in June than what we typically see in May. We’ll expect all verticals to bounce back, now that football season is just around the corner.
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