Pennsylvania reports strong revenue growth in May 2023

The Pennsylvania Gaming Control Board (PGCB) reported that the combined total revenue generated from all forms of gaming along with fantasy contests during May 2023 was $479,377,660, an increase of 7.05% compared to revenue generated in May 2022.

Strong increase in revenue

The monthly revenue figures for the US state of Pennsylvania have been released, showcasing a notable increase of 7% in May 2023, totalling $479.37 million. The state’s sports betting sector also experienced a surge, with reported revenue of $41.1 million, marking a substantial 17% rise compared to the previous year.

The state’s slot machine revenue has been consistently increasing by 3% each year. As of May 2023, the revenue reached $210.9 million, compared to $205.6 million in May 2022. Meanwhile, Pennsylvania’s iGaming industry has also been performing well, with revenue hitting $140.9 million – a remarkable 24% increase from the $113.3 million recorded in 2022.

However, table games faced a decline of 8% year-on-year, as May 2023 revenue reached $81.6 million, compared to $88.5 million in May 2022. Despite this, the state’s overall gambling market remains robust, as Pennsylvania is recognized as one of the largest in the US.

Thriving landscape

The unexpected decline in retail table games, coupled with the steady increase in retail slots, has raised some eyebrows among industry observers.

The growth in sports betting revenue aligns however with Pennsylvania’s reputation as a state with a fervent passion for sports.

May’s revenue growth in Pennsylvania’s gambling industry is a positive reflection of its thriving landscape. The growth is largely attributed to the emergence of iGaming, which has become a key driving force. This proves the state’s significance in the US gambling market, with industry stakeholders keeping a close eye on the dynamics of each gaming segment.