The Pennsylvania iGaming industry continues to thrive this year, with May seeing an increase in both retail and online gaming, as well as sports betting. According to the latest numbers on the Keystone state, gambling revenue in the state increases by 8.7% year-on-year. Gaming revenue for May 2024 is $521 million, compared to May 2023’s $479.4 million revenue.
We are also seeing a rise in month-on-month revenue at 3.3% compared with April’s $504.6 million revenue. As a bookie, seeing these numbers are good, as it is an indication that the iGaming market continues to grow. You can use this pay per head sportsbook software to generate your own sportsbook’s reports. You can easily track your handle, hold percentage, revenue, and other important information in sportsbook management.
Pennsylvania iGaming Revenue Sees High Growth Rate in May
Online slots registers the highest growth rate for the month, with revenue jumping by a whopping 26.2% to $126.9 million. Meanwhile, online table games increased by 18.6% to $44.9 million. iGaming may have generated the highest growth rate, but it is not the highest source of gambling revenue for the state. Retail slots are the highest revenue-generating segment for the month, with $214.1 million in revenue.
Meanwhile, retail table games revenue also increased by 2.5% at $83.7 million. The popularity of casino gaming continues to grow, both in retail and online gambling segments. This means that if you want to maintain your sportsbook business and increase your profit, you may want to consider adding an online casino to your portfolio.
Sports Betting in Pennsylvania
Online sports betting also increased, with 10.5% growth year-on-year in gross gaming revenue at $59.1 million. This comes from a $557 million handle, which is 21% higher than the same period last year. The total monthly handle for both retail and online sports betting is $591.1 million. This is 8.4% lower than the previous month of $646.1 million. But, it is 19.4% higher than the same month last year. This gives us a $61.7 million total for gross sports betting revenue. His is 7.2% higher from the same month last year, and 4.5% higher from April’s gross revenue of $59.1 million.
You too, can enjoy offering your players a large portfolio of sports betting options in your online sportsbook. Take a look at how a white label sportsbook service can help you do this easily. This service can help you create a customized website and offer your players a very diverse set of sports from around the world. From spread odds to parlay odds, you will not have to worry about creating lines, as they will take care of it for you. This makes it very easy for you to earn well from sports betting.
Sports betting in the state has proven to be one of the most successful in the US. They are now the 5th state after the PASPA repeal to eclipse $30 billion in total sports betting handle since its launch. Pennsylvania sportsbooks also breached the $2.5 billion mark in gross gaming revenue. In this year so far, the annual gross revenue for the state is at $232.4 million, and we are barely halfway through the year.
