Pennsylvania Gambling Revenue Hits $574 Million in March

The Ides of March brought nothing but good fortune for the Pennsylvania gaming industry, which set a new all-time revenue record of $574 million, surpassing its previous record from March of last year. 

Much like in the other large legal online gaming states, Michigan and New Jersey, the brick-and-mortar casinos saw flat to slight declines, followed by iGaming numbers, which surged 24.7% year-over-year. Also in line with the rest of the country’s reporting were the numbers from the sportsbooks, which saw an increase in handle, but only low single-digit holds.

While retail slots still make up the bulk of revenue at $222 million, that number has continued to slip over the short and medium term. Revenue was down 2.3% year over year, with table games also dipping 3.9% to $81 million for the month. Of Pennsylvania’s seventeen land-based casinos, only two were up more than 1% in slot revenue year over year. 

Nemacolin saw an impressive 17% revenue increase for the month, though that figure is a bit less striking in context. As the smallest slot casino and located in a remote area, the gain amounted to just a $300,000 bump.

Wind Creek Bethlehem, one of the larger casinos in the state, saw slot revenue fall by $1.6 million, or 5%. Meanwhile, Parx Casino, the top slot revenue generator in Pennsylvania with over 3,200 machines, held steady at $32 million.

Although Wind Creek trails Parx in slot revenue, it typically leads in table games. In March, its 200-plus tables brought in $23 million, a 14% year-over-year increase. Parx, by comparison, saw a 4.4% drop in table game revenue, landing at $17.7 million.

Both Rivers Philadelphia and Rivers Pittsburgh posted the biggest dollar declines overall, with each property down nearly $1.4 million.

Without a doubt, the online slot numbers were the star of the show at $179 million, up over 32% from the same time last year. iGaming table revenue was up a much more tempered 5% to $56 million. Pennsylvania online casinos continued to thrive in March, with Hollywood Casino at Penn National Race Course leading the pack at $90 million in revenue, up 25% year-over-year. Valley Forge Casino Resort followed with $64 million, marking a 27% increase.

While the record revenue was certainly impressive, it could have been even more of a standout if not accompanied by what the sports book industry has taken to calling “player friendly outcomes” yet again in March. The NFL regular season and playoffs saw many favored teams win. Subsequently, some sportsbook operators in many states had hold numbers in the single digits throughout much of the NFL season. 

But these same player-friendly outcomes followed right into March Madness, the NCAA basketball championship. While the state saw handle, or the total amount wagered, increase to almost $843 million, a gain of 5%, the net revenue was only $27 million, a decline of 40% YOY, and a hold of just over 3% for sportsbook operators in one of the most heavily bet on months of the sporting calendar. 

Had sportsbooks capitalized on all of that action, Pennsylvania could have easily seen over $600 million in revenue for the month. A number we may now have to wait until next March to break. Though both that revenue number and a billion dollars bet on sports in one month in the state seem destined to fall sooner or later, with ever-increasing interest in iGaming and sports betting. 

While clearly many sports bettors in the Quaker State had a good month, the real winners in March were the tax collectors in Harrisburg, who, thanks to some of the highest gaming taxes in the country, added more than $244 million in gaming tax receipts to their ledgers.