Days before bet365 PA entered the Pennsylvania betting market, the Keystone State announced record gambling numbers in its recently completed budget year.
The Pennsylvania Gaming Control Board issued its report from Harrisburg on Thursday, July 18. Among the board’s findings:
- Casino table games and slot machines, iGaming, sports wagering, video gaming terminals, and fantasy sports contests generated $5.89 billion in revenue.
- The revenue amount broke the 2022-23 (FY23) record of $5.5 billion.
- Gaming taxes also set a new mark. Pennsylvania collected $2.54 billion in taxes and used the revenue to pay down school district-related property taxes.
- The previous tax collection record was $2.36 billion. Economic development, the agricultural industry, recreational projects, and public safety efforts also benefit from the gaming tax.
Slots Outpace Online Pennsylvania Betting
It’s close, but casino slot machines still pull in more revenue than online gambling, according to PGCB figures.
The $2.44 billion from slots in FY24 is actually a 0.56% decrease in revenue when compared to the $2.45 billion generated in FY23.
But slot machine wagers still finished ahead of the combination of online sports betting and online casino games by about $2.95 million.
Parx Casino in the Philadelphia metropolitan area pulled in the most slot revenue at $377 million. Casinos in Bethlehem and Pittsburgh round out the top three.
bet365 PA Keeps the Pennsylvania Sportsbook Count at 12
Pennsylvania sports betting will see a market shift to start FY25. Betway Sportsbook is on its way out — the Pennsylvania sports betting app and site will stop taking wagers on July 31. Betway PA accounts will remain open, however, because Betway Casino will remain in the state.
The Pennsylvania sportsbook count stays at 12 with Betway’s departure and the arrival of bet365 PA Sportsbook.
The company completed a full launch of its sportsbook and casino products and debuted a bet365 PA bonus offer when it went live on Monday, July 22, 2024.
“We enthusiastically welcome new and eligible bettors from Philadelphia, Pittsburgh, and the entire Keystone State as they join the bet365 experience, which features market-leading offerings like amazing bet boosts, the fastest in-game product, and unique same game parlays.”
bet365 is expanding its portfolio of states even as companies like Betway leave North America. Pennsylvania’s new arrival trails DraftKings and FanDuel, but it’s typically competitive with BetMGM, Casesars, and ESPN Bet in other states.
Pennsylvania Sports Betting in June 2024
June is a quieter month in the sports betting industry, so numbers are lower compared to bettor interest starting in September with football bets through March and its NCAA Tournament wagers.
Pennsylvania sports betting apps collected $464.5 million in June 2024 bets, which is up about 24.5% from $373.2 million for the same month in 2023.
June’s numbers also closed out the 2023-24 budget year. Bettors placed about $8.17 billion in bets in FY24, up 13.1% from $7.2 billion in FY23.
Other notes from FY24:
- November 2023 was the fiscal year’s busiest betting month at $934.1 million. July 2023 marked the low point for monthly sports betting in Pennsylvania at just under $338.5 million.
- The Pennsylvania Gaming Control Board identified about $486.6 million in taxable sportsbook revenue for the 2023-24 budget year. That was down 1.1% from just under $492 million in FY23.
- The revenue created about $175.2 million in taxes, which is down a matching 1.1% from $177.1 million in FY23.
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