Pennsylvania Gambling Market Growth Continues
Pennsylvania online casinos have posted record revenue figures for May
Although many industries have suffered severely in recent months, online casinos seem to have bucked the trend. May was a positive month for the online gambling industry in Pennsylvania. As land-based casinos’ doors remained firmly shut, players moved online to play their favorite slots and table games. The month was undoubtedly a success, as the iGaming industry brought a total of $55.8 million in revenues, a new record for online gaming. iGaming is still in its infancy in the Keystone State as it approaches one year since it was introduced. Since online casinos were legalized in Pennsylvania, there has been a continued month on month growth in revenue.
The Pennsylvania Gaming Control Board revealed all of the critical information regarding the May 2020 revenue figures this week, which showed that combined with online casino and poker gaming, the state earned $55,838,788. Online slots continue to be a common gaming choice among players, as they went over the $1 billion mark in wagers for May. Gambling websites generated just under $24 million in tax revenues for Pennsylvania and local municipalities.
One company that saw a significant increase in their May earnings was Penn National. This was due to the launch of the DraftKings Casino. The DraftKings app operates under the same license as the Hollywood Casino, which resulted in the company earning a nice combined total figure. Penn saw their online slot revenues increase a jaw-dropping 73% thanks to the new online casino app. Add in that table games increased to make up just over 20% of the total revenue earnings, and you can see that it was a marvelous May.
The highest earner in May in the Keystone State was BetRivers. The operator generated over $17 million for the month, a 31% hold of the market. Second on the list was Penn National, with Valley Forge and Mount Airy following behind.
Caesars Entertainment launched just before May in Pennsylvania, so May was the first full month of the online casino being live in the state. Their total came in at just under $1 million.
The total amount of money generated from online casino gaming was $51.2 million. This was a 35% increase from April. Poker also made a contribution of $4.6 million in May, which, although it is a decent return, is down 12% on the April total, which was massive for Pennsylvania.
Online Sports Betting Still Contributes
Even though domestic sports have been non-existent, bettors still had international sports markets to wager on in May. The total figure for PA online sports betting for May was $4.8 million. This was a small increase on the $2.9 million earned in April. However, this is still considerably lower than $22 million generated in January.
Of course, the Coronavirus pandemic is the primary factor in the decrease in online sports betting revenue. Online and land-based sportsbooks have suffered due to the lack of significant sporting action around the world.
The small increase can be attributed to NASCAR and UFC, which have still been able to function during the pandemic. The German Bundesliga also returned behind closed doors, so there has been some Soccer to bet on.
It remains to be seen what will happen in June, but the continued growth in online casino revenue is encouraging. As major soccer in England resumes with the Premier League, there will be more sport betting markets open.
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