The Pennsylvania Gaming Control Board recently published its revenue report for February 2023, showcasing some awe-inspiring numbers. The state continues to lead the line on the internet gambling front, recording $162.3 million in revenue for the whole month. This figure was just a few million shy from the all-time national record for monthly revenue in this industry – which is currently held by Pennsylvania anyway.
It was yet another extremely impressive month for Pennsylvania online casinos. There was a 1.2% increase in revenue from January 2023, showing that things are continuing in an upward trend. With only 28 days in February, who knows how much money would’ve been made if an extra 3 days were taken into account? Forecasts certainly predict it would be close to the $166.9 million made in December 2022.
As if this wasn’t enough, February’s revenue pushed PA casino apps over the $4 billion mark! It is now one of only two states to earn more than $4 billion in lifetime online casino revenue.
Promising Signs For PA Online Casino Revenue
There’s a lot to get excited about when looking at the PA online casino revenue report for February 2023. $162.3 million represents an increase from January 2023’s $160.3 million. After suffering a slight lull at the beginning of the year, Pennsylvania online casinos will be pleased to know that it was nothing more than the January Blues kicking in!
In fact, things look even more promising when the figures are adjusted to reflect a 31-day month. Currently, December 2022 holds the state and national record for monthly online casino revenue with $166.9 million. Taking the daily revenue earned in February 2023, predictions show a whopping $179.7 million could’ve been made if the month had the same number of days as December. This would’ve shattered all records and truly demonstrates the growth casino apps are showing.
Moreover, when compared to February 2022, things look exceptionally positive. PA online casino revenue grew by 28.52% this year.
Third Month In A Row With Over $160 Million In Revenue
Back in the record-shattering December 2022, Pennsylvania online casinos became the first to cross the $160 million mark in a single month.
Unbelievably, February is now the third month in a row that this has happened!
This is highly significant when you take national data into consideration. No other state has earned more than $160 million in one month. The closest is Michigan, with Michigan online casino revenue creeping up into the $150 million range over the last few months. In fact, predictions suggest that March 2023 will be the first time a state joins Pennsylvania in this exclusive club.
As if things weren’t impressive enough already, this was actually the fifth month in a row with revenue over $150 million for PA casino apps:
- October 2022: $151.7 million
- November 2022: $155.9 million
- December 2022: $166.9 million (National & State Record)
- January 2023: $160.3 million
- February 2023: $162.3 million
February 2023: PA Online Casino Revenue Biggest Talking Points
When you take a deep dive into the revenue findings for Pennsylvania online casinos in February 2023, you find a host of key talking points.
$4 billion generated in lifetime online casino revenue
This month was a groundbreaking month for many reasons. While the $162.3 million in monthly revenue will take the headlines, there’s another story to discuss. When this month’s revenue is added to the lifetime figures, PA casino apps have amassed over $4 billion.
That’s a significant figure for multiple reasons. Firstly, it makes Pennsylvania the second state ever to cross this threshold. The other state is New Jersey, but PA managed it in a much faster timeframe. Therefore, it is officially the quickest state to hit $4 billion in online casino revenue.
Online slots remain the biggest revenue source
In total, there are three main sources of revenue for PA casino apps and online casinos:
- Internet slots
- Internet table games
- Internet poker
February 2023 was yet another successful month for internet slots. Incredibly, of the $162.3 million generated, $123.5 million of that was from online slots alone. This isn’t new; online slots have always been the leading revenue source for Pennsylvania online casinos. However, it does showcase that these games continue to be the most popular amongst players – and the most profitable for casino operators.
For comparison, internet table games came in second place, totaling $36.1 million across the month. Online poker revenue is lagging behind at just $2.7 million. While these figures don’t sound too impressive, they are still above the national average.
Highest revenue-per-day ever
We briefly touched upon this earlier, but February 2023 was actually record-breaking in its own right. Sure, it didn’t manage to exceed the total set in December 2022, but this was only because it had three fewer days to generate revenue. When you compare the two side-by-side, you see that February shattered December’s record for revenue per day.
The $166.9 million earned in December was split across 31 days, leading to an average revenue per day of $5.4 million.
In February 2023, $162.3 million was earned in just 28 days. This led to an average revenue per day of $5.8 million.
Despite less being earned over the course of the month, more was earned per day.
March is set up to break every record
The significance of the previous findings cannot be understated. If PA online casino revenue continues at the same daily rate as it did in February, March will be a record-breaking month in more ways than one.
For starters, it could well break the National and State records for online casino revenue, surpassing the December 2023 figures. As if that’s not enough, it could be the first month on record to ever go beyond $170 million.
What’s incredible is that these predictions and forecasts are based on the daily revenue staying the same. In reality, all sources indicate that more money could be made every day. Looking back over the last five months, January was the only month where revenue didn’t increase from the month before. This is highly understandable when you consider it’s the beginning of the year and most consumers spend less anyway after December.
So, there is an outside chance that March may even get close to the $180 million barrier – we’ll have to wait and see.
Hollywood Casino at Penn National leads the way
PA does things slightly differently from other states when categorizing revenue by casino operators. Unlike most states, this one looks at the physical casino license – which can often have numerous brands under its wing.
For context, here are the top ten operators and the online brands they own:
- Hollywood Casino at Penn National – Hollywood Online Casino, DraftKings Casino, BetMGM Casino & Barstool Casino
- Rivers Casino Philadelphia & Pittsburgh – BetRivers Casino, PlaySugarHouse Casino, Borgata Casino
- Valley Forge Casino – FanDuel Casino & Stardust Casino
- Mount Airy Casino – Stars Casino
- Harrah’s Philadelphia Casino – Caesars Casino
- Parx Casino – betPARX
- Live! Hotel & Casino – Live! Casino & Betway Casino
- Wind Creek Casino – Wind Creek Casino
- Mohegan Sun Pocono – Unibet
- Presque Isle Downs – BetAmerica
This month’s findings put Hollywood Casino at Penn National right at the top once more. With five massive online casinos under its belt, it’s not surprising that this operator is a dominant force in the state considering our DraftKings Casino signup bonus gives new users a bonus over $2K! In February, it accrued $69.8 million in revenue – which was over double its nearest rival. Rivers Casino managed $33.3 million in second place, with Valley Forge coming in third with $32 million. So, the number one operator ended up earning more than the previous two combined.
There is a significant jump from third to fourth, with Mount Airy only managing $6.8 million throughout the month. This shows there’s a big stranglehold on the industry by the top three operators. In fact, they are responsible for the lion’s share of online casino revenue in Pennsylvania, totaling over $130 million combined. This is wildly impressive when you consider that’s more than most states generate in total!
Down at the bottom, Presque Isle Downs has the lowest revenue, earning just $399. It’s slightly worrying, and this operator may also be concerned as three new online casinos have been announced for 2023 in the state.
Pennsylvania Online Casino Revenue: A Summary For February 2023
We’ll round things up with a quick summary of the main stats from February 2023 for Pennsylvania online casinos:
- $162.3 million earned
- An increase of 1.2% compared to January 2023
- An increase of 28.52% compared to February 2022
- Third month exceeding $160 million
- Fifth month exceeding $150 million
- $5.8 million earned per day – the highest rate ever
- Over $4 billion generated in total
- $123.5 million generated in online slots alone
There’s no denying that February 2023 was hugely successful for PA casino apps. If things continue in this vein, March could be set up to break records.