Online Casino Revenue 2023
Casino Revenue Reports
Can 5 online casino states outpace the sports betting revenue of 22 states?
CASINO TAX RATES
PENNSYLVANIA
Online slots are taxed at 54%, while a 16% tax is applied to table games and poker.
WEST VIRGINIA
West Virginia applies a 15% tax to mobile casino revenue.
NEW YORK
Online casino apps are currently NOT legal in NY, but the fight is on to push legislation through in 2024. An anticipated revenue increase of 3x the size of sports betting may await NY state coffers.
NEW JERSEY
New Jersey applies a 15% tax on all forms of mobile casino revenue.
MICHIGAN
Tax rates for i-gaming range from 20-28% based on adjusted gross receipts.
CONNECTICUT
Tribes are subject to an 18 percent gross gaming revenue tax on interactive slots
and tables. After five years, the tribes will be required to share 20 percent of their online gambling revenue.
STATES WITH CASINO APPS
2023 CASINO REVENUE
SLOTS MONTHLY HANDLE
’23 STATE APPROVALS
PULSE OF THE CASINO APP MARKET
RECENT NEWS & CASINO MARKET SHARE MOVES
We keep a consistent 3-month timeline so you can stay up to date on the latest casino news bites.
FEB 2023
Borgata Hotel & Casino cemented its position as the leading online casino operator in New Jersey with BetMGM and Borgata online casinos. The Borgata license generated $40.8 million in revenue, a 4.3% YoY rise.
JAN 2023
In January, Hollywood Penn National achieved an outstanding milestone by earning over $66M in revenue. This is almost double the revenue of Rivers Casino Philadelphia and Valley Forge combined! BetMGM, DraftKings, and Hollywood Casino are partners on the Hollywood Penn National license in PA.
DEC 2022
BetMGM’s impressive result in December of $54.4 million, saw their overall figure for 2022 reach $589 million. This pushed their two-year total to an astonishing one billion plus dollars, with their actual total settling at an impressive $1,006,111,563.
BetMGM Michigan has been outperforming all other online casinos in Michigan since January 2021. It accounts for 37.3% of the $2.7 billion revenue that the state’s online casino industry has generated so far.
Tracking Online Casino Revenue In 2023
JAN 2023
Casino apps in Michigan drove the most revenue in January. Keep in mind that Michigan has 15 active online casino licenses versus 31 for New Jersey.
| Licensee | Brand | Revenue | Promos | Taxes |
|---|---|---|---|---|
| MGM Grand Detroit | BetMGM | $52,837,065 | $5,283,706 | $13,229,357 |
| MotorCity | FanDuel | $28,935,992 | $2,893,599 | $6,937,400 |
| Bay Mills | DraftKings | $26,236,508 | $2,623,651 | $7,074,132 |
| Little River | BetRivers | $8,584,853 | $858,485 | $1,619,801 |
| Keweenaw Bay | Golden Nugget | $7,207,971 | $720,797 | $1,347,178 |
| Grand Traverse | Caesars | $6,840,951 | $684,095 | $1,351,469 |
| Sault Ste. Marie | WynnBet | $4,589,125 | $458,912 | $828,647 |
| Greektown | Barstool | $4,132,472 | $413,247 | $790,335 |
| Little Traverse Bay | Fox Bet | $3,643,776 | $364,378 | $655,880 |
| Pokagon | Four Winds | $3,534,628 | $353,463 | $636,233 |
| Sagniaw Chippewa | Eagle | $2,425,924 | $242,592 | $436,666 |
| Nottawaseppi Huron | FireKeepers | $1,805,075 | $180,508 | $371,330 |
| Match-E-Be-Nash-She-Wish | betParx | $1,778,048 | $177,805 | $320,049 |
| Lac Vieux Desert | PointsBet | $1,142,005 | $114,200 | $205,561 |
| Total | $153,694,393 | $15,369,439 | $35,804,038 |
Internet Casino-Type Gaming (iGaming) Revenue
Casino games offered online generated gross revenue of $133,119,361 during January 2023 compared to $108,310,642 in January 2022 an increase of 22.91%.
A breakdown of revenue of casino games offered online is as follows:
Tax revenue generated from internet gaming play during January 2023 was $55,564,346*.
| Licensee | Total Revenue | Slots & Tables | Poker | Promos | Taxes |
|---|---|---|---|---|---|
| Borgata | $40,798,884 | $39,981,656 | $817,228 | $2,145,613 | $7,108,077 |
| Golden Nugget Atlantic City | $40,596,496 | $40,596,496 | $0 | $5,103,801 | $7,104,985 |
| Resorts Atlantic City | $40,222,698 | $39,131,642 | $1,091,056 | $4,707,424 | $7,011,434 |
| Caesars Atlantic City | $8,272,822 | $7,470,882 | $801,940 | $0 | $1,428,554 |
| Tropicana Atlantic City | $7,849,669 | $7,849,669 | $0 | $0 | $1,373,692 |
| Hard Rock Atlantic City | $6,047,782 | $6,047,782 | $0 | $395,781 | $1,058,362 |
| Bally’s Atlantic City | $5,140,854 | $5,140,854 | $0 | $721,955 | $899,649 |
| Ocean | $3,937,612 | $3,937,612 | $0 | $40,830 | $691,050 |
| Total | $152,866,817 | $150,156,593 | $2,710,224 | $13,115,404 | $26,675,802 |
January saw a total wagered amount of $320.49 million dollars in West Virginia casinos, with payouts amounting to $309.5 million- a 6.6% gain from the previous month which had accepted bets worth $300.6 million, whilst paying out $290.4 million in prizes. They also represent year-over-year gains of 60% in revenue (from $6.8 million in Jan. 2022) and 56% in handle (from $192 million in Jan. 2022).
Greenbrier was the leader in both handle and revenue in the state. Its applications, BetMGM WV and FanDuel Casino WV, saw a $150.3 million handle with a 9.9% increase from the previous month, accompanied by a 13.8% surge in its revenue to $5.7 million.
Hollywood Charles Town was in second place with their two main apps, DraftKings Casino WV & PointsBet Casino WV, achieving $132.5 million in handle (+5.4% MoM). Unfortunately, this resulted in a -1.2% decline from the last month when it comes to revenue at $3.9 million when compared to Greenbrier’s performance.
The handle for Mountaineer’s apps, BetRivers WV and Caesar Casino WV, was $32.7 million (-15% MoM) in the last period. Though lower than usual, the revenue of $1.3 million showed a 2.4% increase when compared to the previous month.
January 2023 saw an unexpected surge in online casino revenue numbers for the Connecticut market, with DraftKings Casino and Mohegan Sun jointly surpassing $30 million for the first time.
Surprisingly, DraftKings promotional expenditure dropped drastically from $22.2 million in December to just $3.5 million in January. Although its market share has only slightly fallen from 59.0% to 56.4%, a more significant decrease may soon be on the way. Changes in its market share typically follow any changes in promotional spending by around a month or so.
Even after the decrease in promotions, DraftKings was still able to see a 1.9% increase in monthly performance. Mohegan Sun on the other hand fared even better, witnessing a solid 13.2% growth.It’s exciting to observe that both operators are managing their promotional efforts to be within the tax-deductible monthly maximum. We will have to wait and see what happens when they are evenly matched on promotional spending.