Pennsylvania Gambling Hits $6.1B, iGaming Soars 25%
The Essentials at a Glance
Pennsylvania set a new record in fiscal year 2024 (FY2024): Annual revenues from the gambling sector surpassed the $6 billion mark for the first time. With total revenue of $6.1 billion, the state saw a 7.7% increase compared to the previous year. Online gambling (iGaming) proved to be a growth driver, while other areas such as sports betting and fantasy sports showed mixed results.
iGaming as the Main Growth Driver
Online gambling was the biggest growth engine, reaching annual revenue of $2.2 billion, a 25.3% increase compared to the previous year. December 2024 was particularly noteworthy, setting a new monthly record for iGaming revenue. The growing popularity of online casino offerings and the continuous expansion in this area significantly contributed to this success.
Sports Betting: Growth Despite Setbacks
Sports betting revenue increased by 11.4% in fiscal year 2024, reaching $510.7 million. However, December saw a sharp decline of 69.8%, which did not significantly impact the annual balance. Despite its fluctuations, the industry remains an important part of Pennsylvania’s gambling market.
Land-Based Slot Machines Remain Dominant
With revenue of nearly $2.5 billion, land-based slot machines remained the state’s largest revenue source, despite a slight decline of 0.7% compared to the previous year. Parx Casino led this segment with $375.2 million, followed by Wind Creek Bethlehem, which generated $286.7 million.
Mixed Results in Table Games and Other Categories
Revenue from table games fell by 3.5% to $937.5 million. Video Gaming Terminals (VGTs), operated at licensed locations such as truck stops, saw a slight increase of 0.7%, generating $41.5 million. Fantasy sports contests continued their downward trend, with revenue declining by 7.1% to $18.7 million. Market leaders like DraftKings and FanDuel reported significant decreases of 6% and 26.3%, respectively.
Outstanding Performances by Individual Providers
Hollywood Casino at Penn National dominated the iGaming sector with revenue of $820.7 million, a 15.2% increase. Valley Forge Casino Resort impressed with 46.1% growth, resulting in $573.5 million in revenue. At the same time, some providers, such as Parx Casino and Mount Airy Casino Resort, reported declines in their iGaming revenues, ranging from 2.4% to 23.1%.
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Our Assessment
Pennsylvania has established itself with a record year in the gambling market. The strong performance of the iGaming sector, in particular, highlights the importance of digital offerings for future growth. At the same time, it becomes clear that traditional areas such as land-based slot machines and table games are under pressure. The mixed results across various categories underscore the market’s dynamics and challenges. Overall, Pennsylvania remains a leader in the U.S. gambling sector.
Sources
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