Pennsylvania reached a milestone in gambling revenue in November, setting a new historical high of $623.1 million, up 3.5% from the previous record in May, and showing a year-over-year increase of 10.8% and a 4.4% rise from October. The explosive growth in sports betting has been a significant contributor to this impressive performance, and related industry dynamics can be followed on the PASA official website.
Sports Betting Leads Strongly with Record-Breaking Data
It must be said that the sports betting market in Pennsylvania in November was in an "overdrive" state. Revenue soared to $98.3 million, not only setting a new record but also up 27.6% from $77.1 million in November last year, and a staggering 61.9% increase from October. The total betting amount reached $990.6 million, with online bets accounting for $946.6 million and retail offline bets at $44 million, with an overall hold rate of 9.92%. In terms of operators, FanDuel and Valley Forge Casino Resort returned to the top, capturing $58.4 million in revenue from $372.9 million in bets, with a hold rate of 11.85%.
iGaming Close to Record, Performance Varies by Segment
Although iGaming did not break the record, its performance was still quite impressive. November revenue was $242.7 million, up 21.1% from the same period last year, and only 3.4% less than the historical peak in October. Online slots revenue grew 24.7% to $185.4 million, and online table games also rose 11.1% to $55.1 million, although online poker revenue slightly declined to $2.3 million. In terms of market share, Hollywood Casino at Penn National Race Course and its partners continued to lead, securing $91.3 million in revenue.
Offline Casinos Slightly Decline, Significant Tax Contributions
The performance of the offline casino sector was relatively stable, even slightly declining. Physical slot machines remained the main source of revenue, contributing $201.2 million, but down slightly by 0.1% from the same period last year; retail table games revenue fell 3.6% to $74.7 million. However, revenue from video gaming terminals at truck stops grew 8.9% to $3.5 million, and fantasy sports revenue also slightly increased by 2.8% to $2.5 million. In terms of taxes, the state collected $260.9 million in November, with sports betting contributing $35.4 million, iGaming bringing in $109.3 million, and offline slots and retail table games contributing $101.4 million and $12.6 million, respectively.
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