During the month of November, Pennsylvania's revenue reached an all-time high because to record sports betting and igaming.
During the month of November, the overall income in the gambling market of Pennsylvania reached an all-time high of $562.4 million (£447.4 million/€543.4 million). This was mostly due to the record monthly revenue that was generated from sports betting and igaming in the state.
Gambling income in Pennsylvania in November The overall revenue for the month of November was 26.5% more than the previous year and is 13.3% higher than the $496.6 million that was generated in Pennsylvania in October of this year. According to the data provided by the Pennsylvania Gaming Control Board (PGCB), it is 1.4% more than the previous record of $554.6 million, which was established in March.
In addition to the total revenue generated by the market, the figures that jump out the most from the PGCB data pertain to sports betting especially.
In November 2023, operators had a record-low 1.38% hold on their gross revenue, which reached a record $77.1 million, representing a 498.4% increase from the previous year. Previously, the highest ever revenue was $72.5 million, which was achieved in December of last year. The total for November 2024 exceeded this figure by 6.3%. Seventy-seven million dollars came from internet betting, while five and a half million dollars came from sporting goods stores.
In addition, the total amount of money wagered in Pennsylvania reached an all-time record of $935.5 million. To add insult to injury, the previous record, which stood at $934.1 million, was established in November of 2023. This year's total is 0.2% higher than the previous record.
A total of $886.5 million was wagered by players on sports through internet betting, while an additional $49.0 million was wagered at retail betting facilities located around the state.
This resulted in a hold of 7.75% for the entire state for the month of November.
As of right now, FanDuel is still the undisputed top in Pennsylvania.
On the subject of operators, FanDuel and its partner Valley Forge Casino Resort continue to maintain their position as the market leaders by a significant margin. In November, a 9.85% hold was left on the gross income of $36.8 million, which was generated on wagers totalling $373.6 million.
The company that partners with Hollywood Casino at the Meadows in Pennsylvania, DraftKings, continues to hold the second place position. Eighty-three percent of the stake was held by the partnership, which resulted in gross revenue of $21.5 million on wagers totalling $246.2 million.
BetMGM and Hollywood Casino Morgantown came in third place with a hold of 6.83%, bringing in $4.5 million after having previously held $65.9 million. ESPN Bet and Hollywood Casino at Penn National came in second and third, respectively, with $2.9 million and $43.8 million, respectively, leaving a 6.62% grip.
BetRivers and Rivers Casino Philadelphia did not do any better, coming in second and third, respectively, with $2.8 million, $35.1 million, and a 7.98% hold. Both Parx Casino and Kambi reported income that was greater than $2.0 million, with the former coming in at $2.1 million from $21.1 million, representing a hold of 9.95%.
Revenue from online gambling sets a new high of $200.5 million
A record-breaking performance in sports betting was accompanied by an all-time high in revenue from online gambling in the state of Pennsylvania. This segment's gross sales for the month of November was $200.5 million, representing a 26.9% increase and a 4.9% increase over the previous high set in March, which was $191.1 million.
Igaming revenue as a whole increased by 36.0% year-on-year, with online slot machines accounting for $148.7 million of that total. The revenue generated from online poker decreased by 0.1% to $2.3 million, while the revenue generated from online table games climbed by 6.7% to $49.6 million.
With a total of $74.4 million in revenue from igaming, Hollywood Casino at Penn National continues to maintain its dominant position in this market area. The revenue from online slot machines reached $53.3 million, while table games brought in $20.6 million, and poker brought in $517,464 in revenue.
Valley Forge Casino continues to be the most formidable competitor, bringing in $54.1 million in revenue for the month of November. The final member of the top three is Rivers Casino Philadelphia, which brought in $34.7 million from its igaming operations.
Up to $201.5 million in income from land-based slot machines
There is still a long way to go before internet slots can catch up to traditional land-based slots, despite the fact that igaming is continuing to expand in Pennsylvania. The amount of money made by physical slot machines reached $201.5 million in November, representing a year-on-year increase of 6.2%.
On the other hand, income from retail table games fell by 2.5% to a total of $77.6 million. The revenue from video game terminals (VLT) decreased by 4.4%, reaching $3.2 million, and the revenue from fantasy sports decreased by 4.2%, reaching $2.5 million.
During the month of November, the state earned a total of $232.8 million in tax revenue from all forms of gaming activity. It is estimated that land-based table games contributed $12.9 million while physical slot machines contributed $101.5 million to this total.
