2022 Pennsylvania Gaming Sector Results Unveil Thriving Gambling Industry Boom
Unleashing the Gaming Gold Rush of 2022: Pennsylvania's Record-Breaking Gambling Uprising
In the wild year of 2022, the Keystone State's gaming industry struck it rich, raking in a colossal $5.2 billion in revenue compared to the $4.7 billion haul in 2021. But what drove this mammoth increase in Fortune?
iGaming: The Golden Goose of the Industry
iGaming, the enchanting sister of traditional gambling, proved to be the chief architect behind this financial fortress. In 2022, iGaming cracked open the seally wallets of millions, hauling in a jaw-dropping $1.4 billion—a whopping 22.6% growth from the previous year. This meteoric rise can likely be pinned on the inexorable rise of the internet and the ease of online gambling it projects.
Sports wagering, the alluring heartthrob of gamblers across the nation, also played a significant role in padding the state's coffers. In 2022, the industry tallied an impressive $401 million—an impressive 17.9% increase from 2021. This ascent aligns with the burgeoning popularity of sports betting as more and more states fall in love with the activity, granting it their legal blessings.
The mighty slot machines, evergreen workhorses of casinos, showed signs of strength too. In 2022, these churning titans generated a robust $2.4 billion, marking a notable 4.51% surge from the preceding year. The crowning casinos in the slot machine revenue race were Parx Casino, Wind Creek Bethlehem, and Rivers Casino Pittsburgh. However, Parx, the reigning champion, stumbled, recording a 3.81% dive compared to 2021.
Unsurprisingly, the record-breaking total gambling revenue for 2022 translated into a record-breaking combined tax revenue, which soared to an eye-popping $2.1 billion—a nearly 11% upswing from the previous haul of $1.9 billion.
In summary, the PGCB's annual report showcases a gaming industry in Pennsylvania that is not only robust but growing at an unprecedented rate.
A December to Remember: Record-Setting Winnings
Accompanying the year-end financial results, the PGCB divulged the results for the month of December as well, which mirrored the trend set throughout the year. Combined, all forms of gambling generated an eye-popping $475 million, up 16.9% from the revenue earnt in December 2021, setting a new milestone for monthly revenue. This figure surpassed the previous record set in March 2022 by a healthy 3.3%.
Hollywood Casino Morgantown recorded the highest revenue increase of a staggering 151.2% compared to December 2021, while the Valley Forge Casino Resort landed the second-highest growth with a boost of 70.6% year-over-year.
Retail slots revenue experienced a slight 1.29% upswing in December 2022 compared to the same month in 2021, reaching a healthy $198 million, while iGaming slot revenue saw a significant 33.12% boost, climbing to $91.6 million.
Revenue from sports betting also nudged upwards in December, reaching $754 million—just 0.59% higher than in December 2021.
In total, the tax revenue generated from all gambling activities and fantasy contests in December 2022 was an impressive $192 million.
Sports betting and online gambling were key drivers behind Pennsylvania's gaming industry's remarkable growth in 2022. In December alone, sports betting revenue reached $754 million, while online casinos generated $91.6 million from slot games, both representing an increase compared to the same period in 2021.
