Posted on: Nov 18, 2022 10:37 am.
Last updated on: November 18, 2022, 11:11 am.
The Pennsylvania gambling industry continues to grow in terms of monthly revenue. Gaming interests brought in more than $450 million from players last month, up nearly 6% year over year.
The Pennsylvania Gaming Control Board (PGCB) reports that October 2022 maintained the state industry’s growth trajectory. The state’s 16 brick-and-mortar casinos, internet casinos, retail and online sportsbooks, rest stop video game terminals, and fantasy sports platforms generated gaming gross revenue (GGR) of $450.23 million. That’s $24.3 million more than October 2021.
The best month on record for the Pennsylvania gaming industry was March 2022, when the verticals collectively won more than $462.7 million.
iGaming covers retail losses
The PGCB October Gambling Report is highlighted by the top GGR number. But the last month hasn’t exactly been good for some of the state’s brick-and-mortar casinos.
The 16 hotels reported a 2% drop in vending machine revenue and a more than 10% drop in table wins. Slots won $199 million and tables kept $79.9 million. Approximately $278.9 million in land-based gaming revenue was $13.4 million below October 2021.
But the loss was more than made up for online, where iGaming and Oddsmakers did exceptionally well. Online slots won $86.3 million and interactive tables plus online poker fees won $38.1 million, for a total iGaming win of around $124.4 million. In October 2021, iGaming revenue totaled $102.9 million.
The $124.4 million won online is a record monthly amount for iGaming operators in Pennsylvania.
Last month, odds makers helped boost Pennsylvania’s overall winnings from gambling. Sportsbook reported taking $797.1 million in bets and keeping $40.5 million of the bets at a 5% win rate.
Hollywood Casino at Penn National led the list of 16 casinos by total revenue in October 2022. Penn Entertainment’s flagship earned $68.7 million from its land-based, sports betting and iGaming businesses.
Valley Forge Casino Resort was next at $56.5 million and Parx Casino was third at about $55 million.
The casino leaders, mainly Hollywood and Valley Forge, benefited greatly from their online operations. Approximately $52.7 million of the Hollywood performance and $23.4 million of Valley Forge earnings came online. Parx, meanwhile, only won $4.7 million online.
Valley Forge has issued new license
In related gaming news from Pennsylvania this week, the PGCB extended Valley Forge’s gaming license by five years. State gaming regulators have determined that the Valley Forge Convention Center Partners, LLC casino remains eligible to hold a Category 3 casino license.
In making its decision, the Board received information from local government officials, community groups, and the Pennsylvania State Police, as well as the Office of Enforcement Counsel, the Bureau of Investigations and Enforcement, the Office of Compulsive and Problem Gaming, and the Bureau of Casino-Compliance.” the PGCB said in a statement.
PGCB also this week unveiled a PPE campaign about the dangers of leaving children in the car at play. According to PGCB, there have been far too many instances of players being subpoenaed and arrested for leaving their children in a vehicle while playing indoors.