PGCB Reports $2.54 Billion in Tax Revenue for FY 2023/24

The latest press release by the Pennsylvania Gaming Control Board (PGCB) reveals a record tax revenue of $2.54 billion for Fiscal Year 2023/2024 generated from gambling. Combined revenue from slot machines, iGaming, table games, sports wagering, video gaming terminals (VGTs), and fantasy sports contests stood at $5.89 billion. Compared to tax revenue of $2.36 billion and combined revenue of $5.5 billion in FY 2022/2023, this represents an increase of nearly 7%.

The PGCB’s report contains detailed data for the mentioned gambling subclasses for FY 2023/24 and compares it to figures from FY 2022-23, revealing the change in percentages. Gross revenue from slots in land-based casinos has dropped by 0.56% compared to the previous year. Slots produced nearly $1.34 billion in tax revenue.

Likewise, revenue from table games decreased by 1.64%, from $974,018,112 in FY 2022/23 to $958,027,818 in FY 2023/24. The tax revenue from the play of table games in FY 2023/24 amounted to $157,575,317.

Revenue from iGaming stood at $1,949,017,248 in FY 2023/34, marking a remarkable growth of 27.16% compared to $1,532,761,065 in FY 2022/23. It was, in fact, the main driving force of growth during the last reporting period. Tax revenue from iGaming accounted for $841,658,212 of the total tax proceeds for FY 2023/24.

With $486,566,429 sports wagering revenue and collected tax revenue of $175,163,915 in FY 2023/24, betting saw a slight decrease of 1.10% compared to FY 2022/23

Revenue from Pennsylvania’s five VGT operators, who collectively operate 74 VGTs across the state stood at $41,105,387, with $21,378,627 in collected tax revenue, or a drop of 2.40% compared to FY2022/23.

The last gambling subclass of fantasy contest operators generated $19,262,568 in revenue and $2,889,385 in tax revenue in FY 2023/34, or a 6.80% reduction from the previous period.

PA Ranks Second in Terms of Top 10 US States by Gambling Spending

According to a recent publication by Visual Capitalist, Pennsylvania ranks second in the top 10 US states by gambling spending as of 2023. With nearly $5.9 billion in gambling spending, it is only preceded by the nation’s top gambling market, Nevada. The US gambling capital has reported approximately $15.5 billion in gambling spending.

Pennsylvania is closely followed by New Jersey, with nearly $5.8 billion spent in 2023. New York, Michigan, Ohio, Indiana, Louisiana, Illinois, and Maryland were the rest of the top 10 states. With $3.3 billion in 2023 revenue, Ohio, which legalized online sports betting in January 2023, saw the highest year-over-year increase of 42%.

Collectively, the top 10 states accounted for $49.3 billion, representing 74% of the US total gambling spending in 2023 ($66.7 billion). The rest of the US states, which allow some form of gambling, reported a collective gambling spending of $17.3 billion. Data for the ranking has been sourced from the American Gaming Association.