Pennsylvania’s Annual Revenue Reaches Record High in 2023

In 2023, Pennsylvania’s gambling market saw historic growth, with the state’s casinos raking in a record-breaking $5.7 billion in revenue. The Pennsylvania Gaming Control Board released its report on January 17, revealing that this amount represented a significant 9.3% increase from the previous year.

The tax revenue for 2023 also saw a substantial rise, totaling $2.34 billion, compared to $2.12 billion in 2022. The spike in revenue was primarily driven by the iGaming sector, which experienced a staggering 28% increase, generating a total of $1.74 billion in 2023.

Players in Pennsylvania showed interest in various gambling activities, including slot machines, table games, sports betting, iGaming, video gaming terminals, and fantasy contests. However, slot machines proved to be the most lucrative, bringing in a revenue of $2.46 billion.

The Rivers Casino in Pittsburgh emerged as one of the top earners, making over $267 million from slot machines, followed by $87 million from table games, and $16 million from sports betting. Meanwhile, Hollywood Casino at The Meadows reaped $316 million from various gambling activities, while Live! Casino Pittsburgh managed to generate $116 million.

The sports betting sector in the state also experienced substantial growth, with Pennsylvania casinos reporting a revenue of $458.616.339, marking a 14.31% annual increase. Valley Forge Casino Resort led the pack with a revenue of $233.592.241, followed by Hollywood Casino at The Meadows with $121.111.146 and Hollywood Casino Morgantown with $21.015.594.

On the other hand, revenue from fantasy contests saw a slight decline of 10.02% from the previous year, dropping from $22.329.896 in 2022 to $20.091.332 in 2023.

The success of the gambling industry in Pennsylvania in 2023 marks a significant milestone, as it is the first time that the state’s monthly revenue has surpassed $500. Despite the closure of Parx Malvern casino in August 2023, the market remains robust, with 18 active casinos contributing to the record-breaking revenue. Overall, 2023 proved to be a prosperous year for Pennsylvania’s gambling market across various sectors.