The Pennsylvania Gambling Board keeps track of monthly revenue figures and has done so since the legalization of gambling in 2006. The March GGR for the Pennsylvania gambling market was in excess of $500 million. This is the first time ever that it has surpassed this mark.
The revenue broke the previous all-time monthly revenue record set in March 2022. It came from a wide variety of forms of gambling, including online gaming, fantasy contests, and sports betting. The month of March tends to yield more revenue in Pennsylvania, and last month was no exception.
Online gambling accounts for most increases
Most of the increases occurred due to online gambling. For example, iGaming slot revenue surged 32%. Slot games at land-based casinos also generated a great deal of revenue. iGaming, online slots and online table games set new monthly records. Retail slots generated the most revenue, followed by iGaming slots. Online sports betting was another big revenue generator.
Parx Casino continues with a bang. Its revenue gave it the third ranking in the state. In March of 2023, Parx generated over $60 million. It has recently received permission from the Bensalem Town Council to construct a deluxe hotel on the site. This largest land-based casino is also a benchmark in Pennsylvania online gambling. It offers a wide variety of games and great bonuses.
Sports betting shows the most month-over-month increase
Sports betting officially became legal in Pennsylvania in 2019. Since then, it has gone from strength to strength. In March, it charted the biggest month-over-month increase. It generated over $50 million in revenue. Oddsmakers won big, as many favorites lost in the NCAA men’s college basketball tournament. They won 67% more than they did in March 2022.
When it comes to US sports betting status, operators are doing very well. Many Americans love sports, and being able to place sports bets online offers them great convenience. March Madness gives them a chance to bet on their favorite players and teams in college basketball. The NCAA tournament takes center stage in March. Online sports betting sites did very well and saw 92% of the statewide handle.
A new era of gambling
Pennsylvania is on track to surpass $2.4 billion in tax revenue in 2023. Much of this will benefit Pennsylvania citizens in one way or another. For example, a portion of the revenue is used to reduce school property taxes. Operators generated over $200 million in total state tax revenue in March.
Inflation, higher prices of gasoline and groceries and other economic factors don’t seem to have affected gambling appetite in Pennsylvania. A new era of gambling with the increasing popularity of iGaming and mobile sports betting is driving revenue growth. March is traditionally a good month for gambling, and it will be interesting to see what the next few months hold in store. Looking at predictions for the year shows that revenue is likely to keep going on an upwards trajectory.