The way online casinos are growing in the United States, scratched records become like, well, a scratched record. This time it was Pennsylvania setting a revenue record for online casinos.
Keystone State’s various online casino and online poker platforms brought in nearly $148 million in winnings for March of this year. While this is great news for stakeholders, the question now is how long this record will hold.
New record for online casino revenue in Pennsylvania
To be clear, the over $142.7 million in March isn’t just a monthly record for the state of Pennsylvania. This is a new record for the whole country. The previous high came out of neighboring New Jersey in January of this year.
That month, New Jersey online casino and online poker platforms reported over $137.8 million pending. Pennsylvania’s daily earnings average in March 2022 is also a new record in the United States, with casinos and poker rooms collecting more than $4.6 million in daily winnings during the month.
The previous peak for iGaming in Pennsylvania was just under $130 million, also from January 2022. The record month of March represents a year-over-year increase of nearly 28% and up more than 15% from the previous month .
The state’s share of March’s record revenue was $49 million. As for Pennsylvania online casinos which accounted for the largest share, the usual suspects led the way in PA.
Penn National stays on top
In fact, the two main competitors in the Pennsylvania online casino market have maintained their positions. In Pennsylvania, online casinos operate under the licenses of physical casino partners. The state reports revenue based on licensee, not individual apps.
In March, Hollywood National Penn again led the way, reporting $55.2 million in gross gaming revenue. Among the operators under this license are BetMGM, DraftKingsand of course, Hollywood online casinos.
Rivers Philadelphia was second, giving the Pennsylvanians the Bet Rivers, Borgataand PlaySugarHouse brands. They accounted for $37 million of the total. Online poker was again only a small part of the pot.
Gross revenue from online poker games accounted for $3.2 million of the March win. PokerStars had the biggest hand in it, grossing $1.9 million.
With iGaming’s $140 million in one month revenue mark in the US now eclipsed, the cap rises to $150 million in one month. The race is on between New Jersey and Pennsylvania to see who can get there first.
PlayPennsylvaniaSenior analyst Katie Koehler defends Keystone State’s argument.
“The most interesting question that still remains unanswered for online casinos is where the cap is,” Koehler said.
“There are broader economic concerns that could affect the market. But right now, it looks like the Pennsylvania market has even more room for growth.