The Pennsylvania Gaming Control Board (PGCB) has announced an impressive total gaming revenue for July 2024, reaching $500.8 million. This marks a significant 7.22% increase compared to the same month last year.
The revenue encompasses various forms of regulated gaming, including slot machines, table games, internet gaming (iGaming), sports wagering, video gaming terminals (VGTs) and fantasy contests.
In July 2024, the revenue from slot machines experienced a slight dip, totaling $204.3 million, a 4.83% decrease compared to the previous month. Similarly, table games also saw a decline, with revenue dropping by 4.84% to $79.4 million.
Revenue breakdown
| Game Type | July 2024 Revenue | Percentage Change |
|---|---|---|
| Slot Machines | $204.3 million | -4.83% |
| Table Games | $79.4 million | -4.84% |
Market analysis
The revenue decline in both slot machines and table games is indicative of a broader trend, which may be influenced by various factors such as seasonal fluctuations, economic conditions, or changes in consumer behavior.
Comparative performance
- June 2024 Slot Machines Revenue: $214.7 million;
- June 2024 Table Games Revenue: $83.4 million;
As the industry continues to adapt, stakeholders are closely monitoring these trends to strategize and mitigate future declines.
July 2024 iGaming revenue soars by 31.20%, reaching $174.3m
iGaming continues its impressive growth trajectory, with July 2024 marking a stellar month. Revenue surged to a remarkable $174.3 million, reflecting a significant 31.20% increase compared to previous months. The robust performance also bolstered state finances, contributing $75.5 million in tax revenue.
Sports wagering has also demonstrated notable progress. The total handle for July 2024 reached $414.7 million, a strong 22.52% rise. This activity generated taxable revenue of $38.6 million and brought in $13.9 million in tax revenue.
These figures underscore the expanding influence of the iGaming industry and sports wagering, providing substantial contributions to the economy.
VGT revenue surges in July 2024, generating impressive tax income
In July 2024, Video Gaming Terminals (VGTs) posted a notable performance, generating an impressive $3.5 million in revenue, marking a 4.33% increase. This surge resulted in a significant contribution of $1.8 million in tax revenue.
Fantasy contests revenue on the rise
Fantasy contests also showcased robust growth, earning $714,971 in July 2024, reflecting a 9.01% rise. The resultant tax revenue from this sector reached $107,246.
The Pennsylvania gaming industry achieved a record-breaking $5.7 billion in total revenue in 2023. This unprecedented growth is primarily driven by the surge in iGaming and sports wagering, which has effectively compensated for declines in traditional retail gaming segments such as slots and table games.
Key highlights
- Total revenue: $5.7 billion;
- iGaming and sports wagering upsurge;
- Decline in traditional slots and table games;
- Trends similar to neighboring New Jersey;
Revenue comparison: PA vs. NJ
| Category | Pennsylvania | New Jersey |
|---|---|---|
| Total Revenue (2023) | $5.7 billion | $5.2 billion |
| iGaming Growth | 25% | 22% |
| Sports Wagering | 20% increase | 18% increase |
| Retail Slots/Table Games | 5% decline | 4% decline |
Overall, the Pennsylvania gaming industry is showcasing a shift towards digital platforms, capturing market dynamics well and outpacing neighboring New Jersey in terms of total revenue.
