Pennsylvania iGaming Hits $223.7M, Sports Betting Falls
### Key Highlights
– **Record Month for iGaming in Pennsylvania:** iGaming revenue hit a new high of $223.7 million in December 2024, up 35.5% year-over-year.
– **Overall Revenue Slightly Declines:** Despite iGaming growth, total gambling sector revenue fell by 0.2% to $533.1 million.
– **Sports Betting in Decline:** Sports betting revenue plummeted by 69.8% to $21.9 million.
– **Hollywood Casino Leads the Pack:** The Hollywood Casino at Penn National Race Course posted the highest revenue at $99.3 million, a 31.3% increase compared to the previous year.
### **iGaming Sets New Benchmarks**
The iGaming sector in Pennsylvania witnessed impressive growth in December 2024. With revenue of $223.7 million, it surpassed the previous record set in November by $23 million. iGaming slots were a major contributor, generating $164.3 million (+40.5% year-over-year). iGaming table games also saw growth, reaching $56.9 million (+24.2%).
The Hollywood Casino at Penn National Race Course emerged as the clear leader in the iGaming segment, raking in $86.4 million (+41.8%). It led in all three iGaming categories.
### **Spotlight on Individual Casinos**
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#### **Hollywood Casino at Penn National Race Course**
Not only did this casino dominate the iGaming sector, but it also achieved total revenue of $99.3 million, a 31.3% increase compared to the previous year.
#### **Valley Forge Casino Resort**
While Valley Forge led the sports betting segment with $14.1 million, it experienced a decline of over 64% compared to December 2023.
#### **Parx Casino**
Parx Casino maintained its leadership in slot machine revenue with $31.5 million, though it saw a slight dip of 2.8%.
#### **Wind Creek Bethlehem**
Wind Creek Bethlehem dominated retail table game revenue, increasing it by 3.6% to $21.6 million.
### **Sports Betting: Sharp Decline**
While iGaming surged, the sports betting sector faced significant losses. Revenue dropped by 69.8% to $21.9 million. Valley Forge Casino remained the leader in this segment, but its revenue also fell sharply. Other operators, such as Parx Casino and Rivers Casino Philadelphia, reported even steeper declines, with drops of up to 91.6%.
A bright spot was the fantasy sports provider Underdog Fantasy, which increased its revenue by 58.5% to $215,900.
### **A Look at Slot and Table Game Revenue**
Traditional slot machines remained the largest revenue source at $202.1 million, despite a 2.7% decline. In contrast, retail table game revenue saw slight growth, particularly at Wind Creek Bethlehem.
### **Our Analysis**
Pennsylvania demonstrates that iGaming continues to be a strong growth driver for the gambling industry. The impressive gains in iGaming slots and table games highlight the potential of this segment. At the same time, the declining numbers in sports betting reveal the challenges in that area.
Casinos like the Hollywood Casino at Penn National Race Course are clearly benefiting from digitalization and setting benchmarks for the industry. However, the overall revenue decline indicates that traditional gambling offerings, such as slot machines and sports betting, are under pressure. Looking ahead, it remains to be seen whether the iGaming boom can fully offset the weaknesses in other segments.
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