Pennsylvania has hit a new milestone in gaming revenue as it surpassed $500 million in March, the first time since the state legalized gambling outside of horse racing. Here are the highlights of the report:
Record Highs in Online Casino Revenue
The Pennsylvania Gaming Control Board announced that total revenue from all gaming hit $515 million in March, with online casinos setting a new record of $182 million in revenue. This is a 27% increase from last year, and marks the fourth time in the last six months that online casinos have broken revenue records.
Sports Betting Continues to Grow
Gamblers wagered $724 million on sports betting in March, a 1% increase compared to last year and almost 21% more than in February. Sports betting is the fastest-growing revenue area, growing by almost 67% compared to a year ago.
The boost in gaming revenue may offer hope to state lawmakers who have been concerned about the declining budget surplus. “This latest record month helped push the state past the $500 million mark in terms of monthly revenue from all forms of March gambling,” said PlayPennsylvania Managing Editor Chris Imperiale.
Expansion of Gambling in PA
Prior to 2006, Pennsylvanians could only legally gamble on horse racing. Since then, the state has expanded its gambling options, with internet gaming and slot machines being the top revenue generators, followed by table games. Another expansion of gambling could be on the horizon with skill games, which currently operate in a legal gray area.
The record-breaking gaming revenue for March highlights the significant growth of Pennsylvania’s gambling industry. The online casino segment, in particular, has experienced tremendous growth in recent months, setting revenue records four times in the last six months. With sports betting being the fastest-growing revenue area, and the potential expansion of gambling options, it remains to be seen how much further the industry can grow in Pennsylvania.