Pennsylvania Casinos’ $200 Million Revenue Run Ends in June

Pennsylvania’s iGaming market finished June with $195.6 million in revenue, marking the first time since January that revenue dipped below $200 million. This concludes a streak of four consecutive months where online casino revenue exceeded $200 million. The revenue drop in June represented a decline of nearly $20 million compared to May 2024, when the state’s online casinos generated $216.5 million.

The decrease in revenue was widespread, affecting almost all of Pennsylvania's online casinos. Valley Forge experienced the most significant decline, with its revenue falling by nearly $10 million compared to the previous month. Other casinos facing substantial declines included Mohegan, which saw its revenue drop by nearly 30%, and Bally’s, which experienced an 18% decrease. The detailed revenue changes for June 2024 compared to May 2024 are as follows:

• Penn National: $72,613,151 (down 8.41% from $79,283,595)
• Valley Forge: $46,259,074 (down 17.59% from $56,133,095)
• Rivers Philadelphia: $37,049,240 (down 5.40% from $39,165,699)
• Harrah’s Philadelphia: $9,965,509 (down 9.85% from $11,054,137)
• Golden Nugget: $5,638,931 (up 0.36% from $5,618,659)
• Bally’s: $4,328,292 (down 18.05% from $5,281,639)
• Parx: $5,444,783 (up 3.64% from $5,253,779)
• Live! Philadelphia: $5,078,427 (up 10.48% from $4,596,590)
• Mount Airy: $4,721,870 (down 6.65% from $5,058,149)
• Wind Creek: $2,790,810 (up 6.60% from $2,618,143)
• Mohegan: $1,713,767 (down 29.41% from $2,427,811)
• Total: $195,603,854 (down 9.65% from $216,491,296)

Month by Month Look

Despite the month-on-month decline, Pennsylvania’s iGaming market has maintained impressive growth year-on-year. June 2024 saw a revenue increase of 19.04% compared to June 2023, continuing a streak of five consecutive months with at least an 18% year-on-year increase. The yearly performance of Pennsylvania’s online casinos is outlined below:

• June 2024: $195,603,854 (up 19.04% from $164,312,287 in June 2023)
• May 2024: $216,491,295 (up 27.06% from $170,390,947 in May 2023)
• April 2024: $212,212,613 (up 26.87% from $167,267,761 in April 2023)
• March 2024: $233,087,603 (up 28.40% from $181,528,950 in March 2023)
• February 2024: $215,288,753 (up 32.64% from $162,310,430 in February 2023)
• January 2024: $189,302,559 (up 18.06% from $160,341,330 in January 2023)

The drop to $195.6 million in June marks a significant shift for Pennsylvania's iGaming market, ending its impressive streak of four consecutive months surpassing $200 million in revenue.

Looking ahead, projections for the rest of the summer suggest that revenue could dip below $190 million next month, based on growth data from 2023. However, this is expected to be the last instance of revenue falling under $200 million this year. The market is expected to rebound sharply in August and September, with the potential for record-breaking figures by December.

In March 2024, Pennsylvania's online casinos set a high watermark with $233.1 million in revenue. If annual growth continues at the current rate, Pennsylvania could see a $240-million month by December, setting a new national record for iGaming revenue. This potential growth is based on the consistent year-on-year increases observed so far and the expected seasonal upticks in revenue during the latter part of the year. The performance of Pennsylvania’s iGaming market will be closely watched in the coming months to see if it can achieve this milestone.