Pennsylvania’s Online Casinos Break US Revenue Record In March
The way that online casinos are growing in the United States, broken records are becoming like, well, a broken record. This time, it was Pennsylvania setting an online casinos revenue record.
The various online casino and online poker platforms in the Keystone State reported nearly $148 million in win for March of this year. While that’s exciting news for the stakeholders, the question now becomes how long that record will stand.
New online casino revenue record in Pennsylvania
To be clear, the over $142.7 million in March isn’t just a monthly record for the state of Pennsylvania. It’s a new record for the entire country. The previous high came out of neighboring New Jersey in January of this year.
That month, New Jersey online casino and online poker platforms reported more than $137.8 million in hold. Pennsylvania’s daily average for revenue in March 2022 is also a new US record as casinos and poker rooms coll ected over $4.6 million in win per day during the month.
The previous high for iGaming in Pennsylvania was just shy of $130 million, also coming from January 2022. March’s record month represents a year-over-year increase of nearly 28% and an uptick of over 15% from the previous month.
The state’s share of March’s record revenue came to $49 million. As far as which Pennsylvania online casinos accounted for the biggest share, the usual suspects led the way in PA.
Penn National stays at the top
Actually, the top two contenders in the Pennsylvania online casino market maintained their positions. In Pennsylvania, online casinos run under the licenses of brick-and-mortar casino partners. The state reports revenue according to the licensee, not the individual apps.
In March, Hollywood Penn National again led the way, reporting $55.2 million in gross gaming revenue. Among the operators under that license are BetMGM PA Casino, DraftKings PA Casino, and of course, Hollywood online casino.
Rivers Philadelphia was second, offering Pennsylvanians the BetRivers, Borgata, and PlaySugarHouse brands. They accounted for $37 million of the total. Online poker was again a small part of the pot.
Gross gaming revenue from online poker play constituted $3.2 million of March’s win. PokerStars had the biggest hand in that, netting $1.9 million.
With the $140 million mark for iGaming revenue in a month in the US now eclipsed, the ceiling raises to $150 million in a month. The race is on between New Jersey and Pennsylvania to see who might get there first.
PlayPennsylvania‘s lead analyst, Katie Koehler, makes the argument for the Keystone State.
“The most interesting question that is still outstanding for online casinos is where is the ceiling,” Koehler said.
“There are broader economic concerns that could affect the market. But right now it appears Pennsylvania’s market still has more room for growth.”