ICasino and sports revenues held steady in May, but not retail casinos

Pennsylvania’s gaming industry posted May revenue numbers that weren’t as strong as April, but were perhaps close enough to elicit few complaints.

The monthly report provided Thursday afternoon by the Pennsylvania Gaming Control Board showed that sports betting and iCasino revenue increased marginally from the previous month, but not enough to offset a decline in retail casino gaming.

Overall, commercial games of all kinds generated $447.8 million in revenue, up from $461.6 million in April, but an 8.4% increase from what was reported in May 2021. Gambling provided $181.6 million in state tax revenue last month.

Sports betting totaled $493.4 million in May, compared to $572.8 million in April. Gross sports betting revenue was $47.8 million, and after deducting $12.8 million in promotional credits, their taxable revenue was $35 million.

Online casinos generated $113.3 million in revenue and physical casinos earned $294.2 million from customers.

Sports betting is experiencing a slower period

It’s common for sports betting volume to decline in the spring and summer, after the busy and popular fall and winter sports schedules, and May’s numbers reflect that among Pennsylvanians.

The $493.4 million wagered on 14 online sportsbooks and 18 retail sportsbooks in the state was the lowest amount since just $348.5 million in August. Last month’s activity is unlikely to be topped again before the serious start to the football season in September.

Unlike its counterparts in some states, the gambling council does not break down bets by sports categories, but presumably the bulk of betting last month surrounded the NBA and NHL playoffs, as well as games of the MLB regular season. Overall, sports betting had a hold of 9.7% – the percentage it retained players in gross winnings – which is higher than usual.

As is customary in the state, sportsbooks FanDuel, DraftKings, BetMGM and Barstool combined around 85% of online wagers, with the other 10 operators splitting the remainder. Smartphone and desktop betting accounts for around 93% of the total action, and these four most popular online sites all saw less activity in May than in April.

FanDuel raked in $191.7 million from wagers last month, with gross earnings of $25.1 million and adjusted taxable earnings of $19.6 million that far outpaced its rivals. He continued his dominance claiming nearly 42% of the statewide betting handful.

DraftKings had a handful of $110.2 million, with $8.1 million in gross revenue and $6.9 million taxable.

BetMGM’s handful totaled $53.6 million, with gross revenue of $4.5 million and adjusted revenue of $786,639, which thwarted some recent months where it reported a loss and did not paid no tax.

The bar stool, owned by Penn National Gaming, brought in $32.7 million as a handful, $2.4 million in gross, and $1.7 million as an adjusted figure.

Online casinos stable, retail casinos down

Online casino gambling continued its recent trend of stability in the state, with the 18 sites totaling more than $100 million in revenue each month of 2022. The $113.3 million was similar to the $113.1 million from April and broke down into $78.2 million from slots. play, $32.3 million from table games and $2.8 million from iPoker.

Revenue from the 16 land-based casinos of $294.2 million was nearly 5% below the April total. It was higher than their $278.6 million in May 2021 or their $286.1 million in May 2019, the latter predating any COVID issues for casinos and their customers. In previous May months, however, fewer casinos existed in the state.

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