The Pennsylvania Gaming Control Board recently announced the May online gambling numbers, and there was some massive growth reported.
The taxable online revenue for the month of May was $101.2 million, and that is a combination of both online casinos and online poker. Pennsylvania now joins New Jersey as the only two states to go over $100 million in taxable revenue for a single month.
The revenue increased by more than 9% during the month of May, and that comes after Pennsylvania appeared to level off. May is the longest month of the year, but there were other factors at play that brought the boost.
The growth rate continues to decrease in Pennsylvania, but that occurs as there are no new options to launch. May represented a year-to-year growth rate of 81% after it was nearly 115% during the month of April.
When looking at the year-to-year gross gaming revenue, that number was up more than 577% from May 2020. Last month the total gross gaming revenue was $413 million, and that number appears to be on the rise yet again.
Both table games and online slots performed well during the month, and those two verticals continue to see more action. Table games were up a daily average of 9.8%, while the daily average for online slots was 3.9%.
The online poker market in Pennsylvania did see the launch of BetMGM Poker and Borgata Poker recently, and that has helped that vertical grow. The daily average for online poker revenue was up nearly 7% last month.
This growth by the two new companies hurt the market share for PokerStars as the daily revenue at that site decreased by 6.8%. Those numbers should start to even out in the coming months as online poker players determine which sites are the best.
Penn National Leading the Way
There are ten online gambling operators in the state of Pennsylvania, and the results were split evenly during the month of May. Five of the operators saw a boost in average daily revenue, while the other five same a minor loss.
Penn National is the top online gambling operator in the state, and it saw a massive jump during the month of May. The daily average revenue at Penn National rose by 18.4% from April to May, and that helped the state post impressive numbers as well.
Penn National has the benefit of having companies such as BetMGM Casino, DraftKings Casino, and Hollywood Online Casino operating under its online gambling license. This has allowed Penn National to acquire 41 percent of the total market share, clearly leading the way.
Rivers Casino and Valley Forge are the second and third-biggest online operators in Pennsylvania, accounting for 27 and 16 percent of the market share, respectively. The online gambling industry in Pennsylvania remains extremely competitive and each operator will continue trying to become the leader.