Pennsylvania Gambling Industry Achieves Record Revenue in Fiscal Year 2023-24

The Pennsylvania gambling industry paid $2.54 billion in taxes in the fiscal year that ended June 30. The tax revenue came from casinos, online gambling, video gaming terminals, fantasy sports contests, and sports betting.

In the fiscal year ending on June 30, Pennsylvania operators earned about $5.9 billion from 17 casinos and fantasy competitions. According to pay per head bookie experts, this figure includes their portion and the state’s tax share, according to the Pennsylvania Gaming Control Board.

Last year, total income was $5.5 billion, and tax revenue was $2.36 billion. Both of the totals are new highs.

Pennsylvania Gambling Industry Breaks Record

According to pay per head reviews and news sites, the money that comes in from gambling goes toward a lot of different things. It funds state government operations, supports horse racing, aids economic development, safety, and recreational programs, and lowers school property tax payments.

Income from iGaming in Pennsylvania hit an all-time high, totaling over $1.9 billion, a 27.2% increase from the previous year. The gaming regulatory board noted it as the only form of gambling with a revenue increase compared to the previous year. Under the purview of the gaming control board, slot machines generated $2.4 billion in revenue, a decrease of approximately 5% from the prior year.

Revenue from table games declined 1.64 percent to $958 million, sports betting revenue fell 1.1 percent to $486.6 million, video gaming terminal revenue declined 2.4 percent to $41.1 million, and fantasy contest revenue declined 6.8 percent to $19.3 million.

Casinos in Pennsylvania

The three casinos with the highest gross income from slot play were Parx Casino in Bucks County ($377 million), Wind Creek Bethlehem ($277 million), and Rivers Casino Pittsburgh ($227 million). Parx Shippensburg had the most significant increase in slot revenue percentage, at approximately 147%, totaling $34.5 million.

Revenue from slot machines at Penn National Race Course’s Hollywood Casino was $137.3 million, down 8.8 percent from the previous year, while in its York casino, it was $80 million, up around 10 percent.

Of the twelve casinos that offered iGaming, Hollywood at Penn National brought in $751.2 million, an increase of 15.9% over the previous year. With $74.1 million of almost $472 million in total gross revenues for June, it was also the highest earner. There was a 7.15 percent rise from June 2023 to this month. A total of $198 million in tax revenue was collected last month.

Gambling Revenue in June

Revenue for Pennsylvania’s gaming channels and casinos was approximately $472 million in June, an increase of 7.15% from the previous year, according to numbers provided on Thursday by the Pennsylvania Gaming Control Board (PGCB). As a result of that surge, Pennsylvania took in more than $198 million in taxes for the month, according to the PGCB.

Though increases were seen across the board, the growth was concentrated in two key areas. Then there was iGaming. Revenue from online gambling increased in June, with slots contributing $119.4 million, a 21.6% increase from $98.2 million the previous year, and virtual table games contributing an additional $39 million, up from $34.8 million the previous year.

Sports betting was the second sector to experience expansion. On a total of $464.5 million in handle, the state’s sportsbooks earned $29.9 million. It was a massive 29.6 percent rise from last year’s total of $23.1 million from bookies. Indeed, this was only another indication of the growth of online gambling, as $28.5 million—or 95.2% of total sports betting revenue—was generated by online sportsbooks.

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