The Pennsylvania Gaming Control Board (PGCB) has revealed the Keystone State’s gaming performance for the calendar year 2023, breaking all previous records with a staggering $5.7 billion in revenue. This noteworthy achievement represents a remarkable 9.3% surge from the preceding year’s revenue of $5.21 billion.
In the December 2023 revenue report, Pennsylvania showcased its gaming prowess by generating $534 million, surpassing rival New Jersey’s revenue of $522 million in the same month. The impressive year-end figures underscore the state’s emergence as a gaming powerhouse on the East Coast.
A pivotal factor in this substantial growth was the flourishing iGaming sector, which witnessed an impressive surge of nearly 28% compared to 2022, culminating in a total revenue of $1.74 billion. This unprecedented growth in iGaming reflects shifting consumer preferences and technological advancements in the gaming industry.
The total revenue comprises contributions from various gaming segments, involving slot machines, table games, sports wagering, iGaming, video gaming terminals (VGTs), and fantasy contests. Tax revenue derived from these diverse gaming activities reached an all-time high of $2.34 billion in 2023, surpassing the 2022 figure of $2.12 billion. This substantial tax revenue highlights the significant fiscal impact of the gaming industry on the state’s economy.
Leading the revenue charts, slot machines emerged as the highest contributor, generating an impressive $2.46 billion in 2023. However, table games reported a modest 1.90% decrease in revenue, amounting to $971.74 million. Sports wagering experienced a notable uptick in revenue, totaling $458.62 million, reflecting a strong 14.31% increase from 2022. The sports wagering handle, representing the total amount wagered, reached an impressive $7.68 billion, indicating a 5.95% increase from the previous year.
Despite a marginal decline in revenue for video gaming terminals (VGTs) and fantasy contests, the overall gaming landscape in Pennsylvania remains vibrant. VGT revenue experienced a modest 2.00% dip, while fantasy contests reported a decrease of 10.02%, generating $20.09 million in 2023.
The comprehensive report also delved into specific casino performances, with Rivers Casino in Pittsburgh standing out by generating over $370 million from slot machines, table games, and sports wagering.
This latest report follows the November 2023 update, where Pennsylvania recorded a sports wagering handle of $934.1 million, marking an impressive 18.4% increase from the previous year. The consistent upward trajectory in gaming revenue positions Pennsylvania as a frontrunner in the dynamic and ever-expanding gaming industry.
