Pennsylvania Gaming Revenue Surges in April 2024

Sources of gaming revenue regulated by the PGCB include slot machines, table games, internet gaming, sports wagering, fantasy contests, and video gaming terminals (VGTs).

Total tax revenue generated from these activities amounted to $209.9 million for April 2024.

Sports Betting Performance

The total sports wagering handle in April 2024 was $646.1 million, a 12.92% increase from the previous year. Taxable revenue from sports wagering also rose by 14.52% to $42.4 million.

FanDuel led all mobile operators with $32.2 million in gross winnings, marking an increase of $120,000 from March despite an 18.5% dip in handle to $269.6 million. The sportsbook achieved an 11.9% hold, lifting its year-to-date win rate above 11.5%. FanDuel also led in promotional spending, with $7 million in credits and bonuses, totaling $36.3 million for the year.

DraftKings was second in both revenue and handle, claiming $14 million in winnings from $167 million in accepted bets, which equates to an 8.4% hold. The operator is nearing $500 million in all-time revenue in Pennsylvania, having also surpassed $7 billion in overall handle.

ESPN BET had its best month of 2024, achieving a 9.2% win rate and generating $3.7 million from a $40.5 million handle. Despite a slow first quarter, the platform rebounded strongly in April.

BetMGM saw a 6.5% hold, with $2.5 million in revenue from $38.2 million in bets, marking its third consecutive month below a 7% hold. This contrasts with its 13.2% hold in January, where it collected $6 million.

BetRivers posted $1.4 million in revenue from $33 million in bets, with a 4.4% win rate. The Pittsburgh app crossed $1.25 billion in total handle after wagering $22.6 million in April.

Fanatics Sportsbook had a handle of $19.9 million in April, posting a 9.4% hold and $1.9 million in winnings. Combined revenue from Fanatics and its predecessor PointsBet has topped $25 million since their launch 27 months ago.

Caesars continued to struggle with a 2.6% hold, generating just $636,000 from $24.5 million in handle. Its year-to-date hold stands at 2.4% from $124.4 million in bets.

Overall, digital operators across Pennsylvania combined for a 9.3% hold in the first four months of 2024, higher than the 8.2% mark achieved all-time.

Detailed Performance by Casino

Valley Forge Casino Resort led the way with $85.3 million in revenue, a substantial 33.6% increase from April 2023. Hollywood Casino at Penn National Race Course reported $78.3 million, up 5.25%, while Parx Casino saw a slight decline of 2.67% with $53.8 million. Rivers Casino Philadelphia generated $49.1 million, a 6.83% increase.

Conversely, Rivers Casino Pittsburgh experienced a 14.11% decrease, recording $28.5 million in revenue. Harrah’s Philadelphia reported a 14.25% increase to $21.1 million, while Mount Airy Casino Resort saw a 15.85% decrease to $19.2 million.

Revenue by Game Type

Retail slots generated $205.5 million, a decrease of 3.53% year-over-year. iGaming slots, however, saw a 31.77% increase, bringing in $126.0 million.

Retail table games brought in $78.5 million, down 6.98%, while iGaming tables increased by 15.78%, totaling $45.0 million. Sports wagering revenue was up 14.52%, reaching $42.4 million.

iGaming and Fantasy Revenue

iGaming generated monthly gross revenue of $173.4 million, a 26.39% increase from April 2023. Hollywood Casino at Penn National Race Course led with $62.3 million, followed by Valley Forge Casino Resort with $48.1 million.

Fantasy contests experienced a decline, with revenue falling 20.83% to $1.2 million. DraftKings led the market with $915,949, despite a 16.69% decrease from the previous year. FanDuel saw a significant drop, with revenue falling 42.79% to $211,873.