Pennsylvania has broken a long-standing monthly online betting revenue in the United States. Many financial analysts didn't expect the state to break this record as New Jersey is always leading in monthly revenue since it opened its market in 2013.
It has taken Pennsylvania almost six years to develop a competitive private online gambling market like New Jersey. Yet, states such as Connecticut, Michigan, and West Virginia are following closely of late.
Pennsylvania has 13 million people, while New Jersey has 9 million residents. So, the former state is likely to win in the long run.
Surprisingly, Michigan appeared to offer New Jersey stiff competition when it launched its online gambling market last January. Its 10 million population is almost the same size as New Jersey's, and it is now striving to catch Pennsylvania.
The Wolverine State had an explosive betting growth in February while New Jersey's performance dropped. But Michigan backslid in March as Pennsylvania continued growing.
New Jersey beat the record it set in January after generating $140,655,053 gross gaming revenue, while Pennsylvania generated $142,748,422. This is the first time that Atlantic City casinos have generated less revenue than those in another state.
The Close Three-Horse Race
Michigan, New Jersey, and Pennsylvania have different populations, but they are almost splitting the national gambling market evenly.
Pennsylvania gambling operators increased their revenue by 15 percent in March and had a daily rise of 4.2 percent, most of which FanDuel Casino contributed. The casino generated $25 million that month.
The Keystone State has gradually increased its annual gross gaming revenue by 36.6 percent, which equals 2.6 percent per month. Thus, Pennsylvania generates 33.2 percent of the country's total gaming revenue, New Jersey generates 32.8 percent, while the Wolverine State generates 30.7 percent.
New Jersey and Pennsylvania's share has dropped slightly in the past year despite increasing their revenue. This is partly due to Michigan's improved performance, West Virginia's resolve to grow its gambling industry, and Connecticut's move to launch online gambling.
New Jersey's March 2022 Online Gambling Revenue
New Jersey launched online gambling almost a decade ago, yet it still has annual growth rates of more than 20 percent. For instance, the state had an annual growth rate of 23.7 percent in March despite it being less busy than in February. Ocean Resort had an 89 percent daily average, and it doubled its monthly total revenue.
Caesars had 11 percent while Bally's had 20 percent. Even so, the state's online poker rooms had a tough month as they increased their combined daily average revenue by 2.6 percent.
Michigan's March 2022 Online Betting Revenue
Michigan's gambling sector started the year on a low note. But it significantly improved its performance in February.
Its online poker rooms and casinos reduced their daily average revenue by 3.1 percent. BetMGM Casino's daily revenue dropped by 7.7 percent in March, and its market share decreased to 36 percent. Barstool Casino, BetRivers, FanDuel, and PointsBet had a great month.
West Virginia's March 2022 Online Gambling Revenue
The Mountain State's online casinos raked in more than $9 million in February and increased their daily average revenue by 1.7 percent. The Mountaineer Casino and The Greenbrier performed well, while the Hollywood Casino reduced its daily revenue.