Posted on: December 18, 2024, 09:39h.
Last updated on: December 18, 2024, 09:47h.
Pennsylvania gaming revenue soared to new highs in November as iGaming and sports betting set monthly records.
On Tuesday, the Pennsylvania Gaming Control Board (PGCB) revealed that gamblers lost more than $562.36 million in November 2024, a 26% surge from November 2023. Last month benefited from an extra weekend day, but unprecedented play online and a November to remember for oddsmakers who saw many NFL and college football games go their way were more responsible for the record tally.
November marked a new all-time monthly high for gross gaming revenue (GGR) in the commonwealth. The previous mark didn’t last long, as it was set in March when gaming operators took $554.6 million from players.
Pennsylvania is home to 17 brick-and-mortar casinos, iGaming, retail and mobile sports betting, video gaming terminals at truck stops, and fantasy sports.
November Records
November was propelled by online slots and interactive table games, which respectively, generated GGR of $148.6 million (up 36%) and $49.5 million (up 7%). With about $2.2 million from online poker rake, total iGaming revenue exceeded $200.4 million.
November was the first time in Pennsylvania’s iGaming history that online revenue topped $200 million in a single month. Online operators won almost $42.5 million more money from players than they did in November 2023.
The $200.4 million doesn’t include the tens of millions of dollars that oddsmakers won online. Sportsbooks reported record monthly revenue of nearly $77.1 million, or $64.2 million more than they won during the same month in 2023.
Oddsmakers benefited from the Cleveland Browns upsetting the Pittsburgh Steelers on November 21 and the Philadelphia Eagles failing to cover the spread on November 3 vs. the Jacksonville Jaguars. The Penn State Nittany Lions’ lone regular season loss came on November 2 against the Ohio State Buckeyes. PSU also failed to cover the spread during their November 23 game at Minnesota.
The Philadelphia 76ers’ struggles also helped the house, as the team lost 11 of its 14 games in November. The Philadelphia Flyers and Pittsburgh Penguins have also underperformed in oddsmakers’ favor.
Valley Forge Takes Top Spot
November retail slot revenue was $201.5 million, up 6%, and retail table revenue was $77.5 million, a 2.5% year-over-year loss. Because in-person play was up only marginally, Boyd Gaming’s Valley Forge Casino Resort in King of Prussia flexed its online muscles to the top of the 17-casino list.
Valley Forge’s November GGR totaled $102.5 million. Its physical casino floor accounted for just $11.5 million of the haul. The rest primarily came online through Valley Forge’s partnership with FanDuel. Valley Forge additionally self-runs the Stardust Online Casino.
Valley Forge’s online casino operations won GGR of $54.1 million. Its FanDuel Sportsbook, the dominant sportsbook in Pennsylvania, added $36.8 million on handle of more than $373.6 million.
Penn Entertainment’s Hollywood Casino at Penn National Race Course was second in total revenue at $90.4 million. It also relied on its online business, as its physical casino northeast of Harrisburg in Grantville won just $13 million.
Penn’s ESPN Bet and Hollywood Casino apps won $74.4 million from remote gamblers. Its sports betting business added $2.8 million on handle of $43.8 million.
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