Pennsylvania Casino Sector Gambles Away $5.5 Billion from Players in Recent Financial Period.
Pennsylvania's gaming scene has never been more prosperous! Their 17 brick-and-mortar casinos, iGaming platforms, retail and online sportsbooks, daily fantasy sports operators, and video gaming terminal locations together won an astounding $5.5 billion during the 2022-23 fiscal year.
On Tuesday, the Pennsylvania Gaming Control Board revealed that all regulated verticals amassed a staggering GGR of $5,513,729,520 within the 12-month period ending June 30. This represented a 9% increase compared to the previous year. This was a significant moment in Pennsylvania's gaming history, as it marked the first time that GGR surpassed both the $5 billion mark and the $4 billion mark. In the 2020-21 fiscal year, Pennsylvania's gaming industry generated approximately $3.87 billion in gross revenue.
This momentous win led to a record tax benefit for the state and local governments. The gaming industry in Pennsylvania funneled close to $2.37 billion to the commonwealth, an impressive $316.6 million more than the previous fiscal year.
Growing Industries Lead to Increased Revenue and Taxes
In 2017, Pennsylvania drastically expanded its gaming industry, authorizing mini-casinos with up to 750 slot machines and 40 table games. The bill also allowed sports betting, iGaming, daily fantasy sports, and slot-like video gaming terminals in certain establishments.
These introduced gambling types quickly turned Pennsylvania into the second-richest gaming state, surpassed only by Nevada. With the prospect of more expansion in the works, as more truck stops apply for VGTs and a fifth mini-casino in State College near Penn State University, the market may continue to grow and flourish.
Not only are iGaming and sports betting generating increased revenue, but they're also attracting more bettors. This has led to a significant rise in the handle or the total amount wagered. Sportsbooks raked in almost $492 million in FY2022-23, a 56% increase from the previous fiscal year. In contrast, Pennsylvania sportsbook income was only $113.7 million in 2019-20.
VGTs also saw a 1.3% increase in GGR with approximately $42.1 million, achieved through fixed odds betting. At the end of the fiscal year, there were 69 locations for these machines, four more than the previous 12 months. Each eligible VGT location may hold up to five terminals.
Slot machines located in brick-and-mortar casinos didn't show much growth, as their GGR was around $2.4 billion. In-person table games slightly retreated by approximately 4% to $974 million.
Fantasy sports also saw a decrease in annual fees, as the $20.6 million collected marked a 24% drop compared to the previous fiscal year.
Penn Entertainment Leads the Way
Penn Entertainment, formerly known as Penn National Gaming, can trace its roots to the early 1980s when the company was incorporated as Penn National Race Course Corp (PNRC).
Penn diversified into becoming a gaming operator after acquiring West Virginia's Charles Town Races in 1997, followed by the addition of slots at the racetrack in the same year. Over time, Penn has consistently expanded.
In addition to buying Hollywood Casino Corp in 2003, Penn started operating slot machines at its Penn National Race Course in early 2008. The gaming industry in Pennsylvania expanded to include table games in 2010. Today, Penn Entertainment operates four casinos in Pennsylvania: Hollywood Casino at Penn National Race Course, Hollywood Casino at the Meadows, Hollywood Casino York, and Hollywood Casino Morgantown.
In the 2022/23 fiscal year, Penn Entertainment held the top spot as the leading gaming operator in Pennsylvania, with a whopping GGR of over $1.36 billion from its operations in the state. The bulk of this revenue came from Penn's iGaming ventures, which generated $648.1 million. Its four casinos, including slots and tables, won almost $536.3 million. Penn also operates sports betting and VGTs in the state.
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Source: www.casino.org
