Pennsylvania Gaming Revenue Hits Record Highs in November 2024
Posted on: December 18, 2024, 09:39h.
Last updated on: December 18, 2024, 09:47h.
In a remarkable turn of events, Pennsylvania’s gaming revenue surged to unprecedented levels in November 2024, driven primarily by record-breaking performances in iGaming and sports betting. The Pennsylvania Gaming Control Board (PGCB) reported that gamblers lost over $562.36 million during the month, marking a staggering 26% increase compared to November 2023. This surge can be attributed to a combination of factors, including an extra weekend day and a series of favorable outcomes for oddsmakers in both NFL and college football.
A New Benchmark for Gross Gaming Revenue
November 2024 set a new all-time high for gross gaming revenue (GGR) in Pennsylvania, eclipsing the previous record of $554.6 million established just months earlier in March. The state, which boasts 17 brick-and-mortar casinos alongside a robust online gaming and sports betting framework, has seen a significant shift in player preferences towards digital platforms.
The Rise of iGaming
The standout performers in November were online slots and interactive table games, which generated GGR of $148.6 million (up 36%) and $49.5 million (up 7%), respectively. For the first time in Pennsylvania’s iGaming history, total online revenue surpassed the $200 million mark in a single month, reaching an impressive $200.4 million. This figure represents an increase of nearly $42.5 million compared to November 2023, showcasing the growing popularity of online gaming options among players.
Sports Betting Breaks Records
In addition to iGaming, sports betting also played a crucial role in the record revenue. Sportsbooks reported a staggering $77.1 million in revenue, a remarkable increase of $64.2 million from the same month last year. This windfall was fueled by several key events, including the Cleveland Browns’ unexpected victory over the Pittsburgh Steelers and the Philadelphia Eagles’ struggles against the spread in their games.
The performance of local sports teams also contributed to the oddsmakers’ success. The Philadelphia 76ers faced a challenging month, losing 11 of their 14 games, while both the Philadelphia Flyers and Pittsburgh Penguins underperformed, further tilting the odds in favor of sportsbooks.
Valley Forge Casino Resort Takes the Lead
Among the 17 casinos in Pennsylvania, Valley Forge Casino Resort in King of Prussia emerged as the top-grossing establishment for November. Interestingly, it was not the physical casino that drove this success, but rather its online gaming and sports betting operations. Valley Forge reported a total GGR of $102.5 million, with only $11.5 million coming from its physical casino floor. The majority of its revenue stemmed from its partnership with FanDuel and its own Stardust Online Casino.
Valley Forge’s online casino operations alone generated GGR of $54.1 million, while its FanDuel Sportsbook contributed an impressive $36.8 million from a handle exceeding $373.6 million.
Hollywood Casino at Penn National Race Course Follows Closely
In second place was Penn Entertainment’s Hollywood Casino at Penn National Race Course, which reported total revenue of $90.4 million. Similar to Valley Forge, Hollywood Casino relied heavily on its online operations, with its physical casino in Grantville, northeast of Harrisburg, generating just $13 million. The casino’s ESPN Bet and Hollywood Casino apps collectively won $74.4 million from remote gamblers, while its sports betting segment added $2.8 million from a handle of $43.8 million.
The Future of Gaming in Pennsylvania
The impressive figures from November 2024 highlight a significant trend in Pennsylvania’s gaming landscape, where online platforms are increasingly becoming the preferred choice for players. As the state continues to adapt to changing consumer preferences, the future of gaming in Pennsylvania looks promising, with potential for further growth in both iGaming and sports betting sectors. The remarkable performance in November serves as a testament to the resilience and adaptability of the gaming industry in the commonwealth.