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Online casinos in Pennsylvania have been putting on quite a performance. There are signs that the market may be reaching its maturity point. As a result, the same could apply to Pennsylvania’s gambling industry as a whole.
Combining numbers from licensed physical casinos, online casinos, and sportsbooks in Pennsylvania, win for January 2024 hit a new high for the month in Pennsylvania. If the state’s online casinos have established their new normal, that situation is far from undesirable.
Pennsylvania gambling win sets new January high
Pennsylvania’s gambling industry improved upon its previous January record for gross win by about 5.5% in 2024. In 2023, the sum of gross wins from legal online casinos, physical casinos, and sportsbooks came to around $555.5 million.
The lion’s share of the growth to the new record came from online casinos and sportsbooks in the state. Online casino win was up about 15.4% compared to January 2023 revenue totals in PA. Sports betting win, from both online and physical books, was up around 40.7% year-over-year.
Meanwhile, win from poker, slots, and table games at physical casinos actually fell about 10.8% year-over-year. In the same way for their online counterparts, January did not represent a new single-month high.
However, there does seem to be a trend developing.
Pennsylvania online casinos might be setting a floor
While Pennsylvania’s online casino win for January 2024 was about 7.4% off December 2023’s single-month record of $204.2 million, it does mark the fifth consecutive month in which Pennsylvania’s online casino win has topped $180 million.
Pushing that streak to six consecutive months would be somewhat remarkable as February contains at least one fewer day than any of the five previous months. The licensed online casino apps in Pennsylvania averaged about $6.1 million in win per day in January. That would get them to just over $177 million in February.
Thus, they’ll need to slightly outperform their daily average this month to keep that streak going. Regardless, the February win should eclipse $175 million. If $175 million in monthly win represents the floor for Pennsylvania online casinos, that’s a great place for them to start from.
Getting to at least that number in all 12 months of 2024 would make it the most lucrative calendar year yet for the licensees and the state. If that is what the market looks like at maturity, it represents a situation that all stakeholders can live with.
