Introduction
Pennsylvania has set a new record for legal gambling, with revenues about $500 million greater than the previous year. In 2022, wins from slot machines, table games, sports betting, iGaming, video gaming terminals (VGTs), and fantasy contests will total $5.2 billion, up from $4.7 billion in 2021. It would make Nevada the second-richest gaming state in the United States.
Increase Gambling Winnings
The increase in gambling winnings also led to a record level of combined tax income output in 2022, which reached $2.1 billion, up from $1.9 billion in 2021. It was followed by iGaming ($1.4 billion), table games ($990.6 million), sports betting ($401.2 million), and VGTs and fantasy contests ($64.3 million). Slot machines were by far the most profitable vertical, with $2.4 billion in revenue, followed by iGaming ($1.4 billion), table games ($990.6 million), and sports betting ($401.2 million).
Slot machine Gaming Revenue
In 2022, slot machine gaming revenue increased by 4.5% compared to the $2.3 billion generated in 2021. Despite a nearly 4% drop in income, Parx Casino led the segment in slot machine revenue with $393,8 million. Followed by Wind Creek Bethlehem ($272 million), Rivers Casino Pittsburgh ($266.9 million), Mohegan Pennsylvania ($185 million), and Hollywood Casino at The Meadows ($163 million).
The retail table games market experienced a 7.1% increase in revenue year-over-year. Wind Creek Bethlehem led this vertical with $243.7 million and a 31.6% increase, followed by Parx Casino ($204.9 million, 1.4% decrease), Live! Casino Philadelphia ($100.4 million), Rivers Casino Philadelphia ($98.2 million, 3% decrease), and Rivers Casino Pittsburgh ($88.8 million).
The previous year was also prosperous for sports wagering, as income and handle increased. The revenue raised by about 18% to $401.2 million, while the total number of wagers increased by 10.7% from 2021 to $7.2 billion. Valley Forge Casino Resort led the category with $210 million in sales, an almost 40% increase over the previous year. Hollywood Casino at Penn National ranked third with $21.6 million in revenue. Hollywood Casino at The Meadows ranked second with $76.2 million.
Pennsylvania managed to edge out New Jersey, which also released its annual revenue report this week, by a razor-thin $28K revenue margin. Pennsylvania has finally dethroned New Jersey as the state with the most gaming revenue: New Jersey posted $5,211,272,456 in gaming revenue. At the same time, Pennsylvania provided $5,211,303,191, a $28,735 difference in favor of the Keystone State.
The 2017 Expanded Gaming Act, which legalized internet gaming, sports wagering, fantasy sports, and video gaming terminals, has contributed to Pennsylvania’s rising gaming revenue. It also opened the potential for running land-based properties as “mini-casinos.” In addition, Pennsylvania appears primed for future expansion.
