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Pennsylvania's Gambling Profit Hits New High in August 2024
Explosive Growth in iGaming
The state’s entertainment sector saw exceptional progress in August, with profits surging by 29% year-on-year to $183.7 million. Although slightly below the $191.1 million recorded in March 2024, this sum stands as the second-highest monthly income in Pennsylvania’s history.
Key contributors to iGaming profit include (in millions):
- online slots – $138.3;
- tabletops – $43.2;
- poker – $2.2.
Top performers' income valued (in millions):
- Hollywood Casino at Penn National Race Course – $72.1;
- Valley Forge Casino Resort – $46.0;
- Rivers Casino Philadelphia – $30.8.
Sports Betting Results
Gross wagering revenue hit $45.4 million in August, reflecting a strong 48.4% YoY rise. However, this figure also marked a 13.9% decrease compared to July’s achievements. After promotional deductions, the taxable income resulted in $30.0 million.
Online platforms were the main contributors, producing $25.5 million in profit, while retail outlets earned $4.5 million. The overall betting handle for August amounted to $485.3 million, reflecting a notable 23.5% growth related to the last year.
FanDuel, in cooperation with Valley Forge Casino Resort, emerged as the top performer in the betting sector, generating $13.3 million in revenue from total wagers equal to $176.5 million. DraftKings, in collaboration with Hollywood Casino at the Meadows, reached $7.8 million in income from bets worth $124.4 million.
Financial Performance of the Land-Based Sector
Conventional slot cabinets have remained Pennsylvania’s leading source of gambling profit. In August, they fetched $211.1 million, a 3.9% increase over 2023.
Other financial sources included:
- Physical tabletops. Saw a slight dip, declining by 2.1% to $81.0 million.
- Video gaming terminals. Increased by 5.7%, contributing $3.7 million.
- Fantasy sports. Experienced a decline of 18.3% to $647,522.
These figures underscore Pennsylvania’s continued strength across digital and land-based gaming sectors, maintaining its position as a key player in the US entertainment industry.
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