Friday, June 14, 2024

Online Gaming Revenue Sees Double-Digit Gains In Key Markets

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Online gaming continues to produce big revenue increases in the country’s legalized states. Pennsylvania, New Jersey, and Michigan all reported double-digit increases in online gaming compared to April 2023.

On the negative side, live gaming revenue saw a drop in New Jersey again. Here’s a look at results from all three states.

Pennsylvania Online Gaming Continues Surge

The Pennsylvania Gaming Control Board (PGCB) reported total revenue from all forms of gaming was $504.7 million in April, up 5.9% compared to April 2023. That generated total tax revenue of $209.9 million.

In the online gaming arena, the Keystone State reported gross revenue totaling $173.4 million for April, a 26.4% increase compared to $137.2 million for the same month in 2023. Here’s a look at how that breaks down by category:

● Online slots – $126 million, up 31.8% from April 2023
● Online table games – $45 million, up 15.8% from April 2023
● Online poker – $2.4 million, down 11.2% from April 2023
● Online sports wagering handle – $646.1 million, up 12.92% from April 2023

New Jersey Live Gaming Drops, Online Boasts Increases

The Garden State’s nine casinos reported revenue of $216.8 million for April, a decrease of 6.3% from $231.5 in April 2023, according to the Division of Gaming Enforcement. Year-to-date revenue was $872.9 million, a drop of 1.6% from $886.8 million in 2023.

However, online gaming continued to post revenue climbs, reaching $187.9 million, growth of 18.2% compared to $158.9 million in April 2023. Year-to-date online revenue was $750.7 million, a jump of 21.1% compared to $620.1 million for the same period in 2023. Online poker remained mostly unchanged at about $2.3 million in April 2024 and 2023.

Sports wagering gross revenue was $106.2 million for April, rising 46.9% from the $72.3 million reported in April 2023. Year-to-date wagering gross revenue reached $434.2 million, a 48.6% increase from $292.3 million in 2023.

Total April revenue from all forms of gaming was $510.9 million for April, a 10.4% increase from $462.7 million during the same month in 2023. Year-to-date total gaming stood at almost $2.1 billion, a rise of 14.4% from $1.8 billion in 2023.

Michigan Adjusted Revenues Climb Compared To 2023

Operators reported $234.8 million total online and online sports betting gaming gross receipts in April, a decrease of 8.7% from March, according to the Michigan Gaming Control Board. This included $192.9 million for iGaming and $41.9 million for sports betting.

The adjusted gross receipts for April was $201.9 million, including $174.2 million from iGaming and $27.8 million for sports. This represents a decrease of 10.4% for online gaming and a sports betting increase of 4.1% when compared to March. However, compared to April 2023, iGaming was up 21.4% and sports betting was up by 13.3%.

Total April online sports betting handle was $399.1 million, down 16.9% from the $480.4 million recorded in March. Michigan includes online poker results with overall online gaming figures. Operators submitted $37.6 million in taxes and payments to the State of Michigan during April.

 

 

 

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