Pennsylvania’s gaming industry has soared to new heights after the Pennsylvania Gaming Control Board (PGCB) released figures from last fiscal year noting that the state made over $2.5 billion in taxes from gambling in the state.
Setting the Bar Higher
Pennsylvanians love to gamble, and that was never more evident than last fiscal year when over $5.89 billion in revenue was generated by casino slot machines and table games, iGaming, sports betting, video gaming terminals (VGTs), and fantasy sports contests. And the state took its record-breaking cut that amounted to over $2.54 billion for its tax coffers.
FY 2022-2023 had held the record until this most recent fiscal year had passed with $5.5 billion in combined revenue generating $2.36 billion in tax proceeds. However, FY 2023-2024 now stands as the new high-water mark but its record might only stand for a single year as the gaming industry has caught fire in the Keystone State.
Slot machines were a big driver in pulling in all that money as the one-armed bandits delivered roughly $2.44 billion which was down ever so slightly from last year’s $2.452 billion. Yet, the state pocketed $1.343 billion from slot play alone this year.
As for casinos with the highest revenue production, financial reports showed the top three as follows:
- Parx Casino – $377.03 million in revenue
- Wind Creek Bethlehem – $284.31 million in revenue
- Rivers Casino Pittsburgh – $265.52 million in revenue
Table game revenue took a slight hit from last year as evidenced by the 1.64% drop from $974.02 million generated in the previous fiscal year to $958.03 million this year. But revenue derived from iGaming was quite the opposite with $1.95 billion generated this fiscal year versus $1.53 billion last fiscal year, a 27.16% increase.
“Pennsylvania continues to lead the nation in the iGaming vertical, outdoing itself year after year. It also happens to be the biggest driver of net revenue growth for the PA gambling industry year-over-year,” said PlayPennsylvania Managing Editor Dave Briggs.
Hitting the Lottery
In addition to the gaming verticals mentioned above, the Pennsylvania Lottery generated $1.1 billion during the 2022-23 fiscal year – results for 2023-2024 have yet to be released – with all that money going towards programs benefitting older residents of the state.
“This fiscal year (2022-2023) was the second-best for total sales in the Lottery’s more than 50-year history,” said Secretary of Revenue Pat Browne. “The Pennsylvania Lottery takes great pride in the fact that it’s the only Lottery in the U.S. that dedicates all of its proceeds to benefit older residents.
“The Lottery is already hard at work looking for new and innovative ways to continue responsibly generating funds for programs that so many older Pennsylvanians rely on each day.”
There are over 10,000 licensed Lottery retailers and agents throughout the state and they receive commissions based on sales. During the 2022-2023 fiscal year, lottery retailers earned approximately $294.7 million in sales commissions, an increase of more than $8 million from FY 2021-2022.
