Eagles’ Super Bowl Win Puts Drag On Pennsylvania Gaming Revenue In February

“Fly, Eagles, Fly” led to “Dive, sportsbooks, dive,” as the Pennsylvania Gaming Control Board reported $477.3 million in total adjusted gross gaming revenue for February.

The Eagles winning Super Bowl LIX over the Kansas City Chiefs had a dramatic impact on the Keystone State’s sportsbooks, who finished with less than $7.5 million in adjusted gross revenue for the month. That figure was down 75.3% compared to last year and the lowest amount for any month since operators had a combined AGR of minus-$442,800 in February 2022.

As sports betting revenue fell, internet casino gaming winnings again climbed. The $202.7 million in taxable operator revenue for February represented a 12.3% year-over-year increase and marked the fourth consecutive month AGR eclipsed $200 million. Total iGaming drop exceeded $7 billion for the third straight month.

Online casino revenue growth helped absorb dips from sportsbooks and brick-and-mortar casinos. Retail casino revenue plunged 7.9% to $257.4 million, as slot winnings dropped 8.1% to $186.3 million and table games revenue declined 7.2% to $71.2 million.

Total taxes at the state and local levels from gaming totaled $202.5 million. The state collected $59.9 million in receipts from online casino and another $2.5 million from sports betting.

FanDuel a revenue oasis in sea of struggles

In the state’s two major online gaming verticals, FanDuel distinguished itself in February. It remained a clear-cut No. 2 for internet casino revenue at $56.6 million, and its 26.6% increase from February 2024 was third-best among the state’s 10 licensees.

FanDuel eclipsed $41 million in slot AGR for the third straight month, up 46.7% from last year, and outpaced its 43.2% rise in drop to $1.2 billion. Online casino slot revenue statewide jumped 22.6% to $154.3 million, with FanDuel’s $13.1 million bounce accounting for nearly half the $28.4 million difference.

On the sportsbook side, FanDuel provided more than 60% of the state’s overall gross revenue with $21.8 million and finished with $14.2 million in taxable winnings. It emerged relatively unscathed compared to other operators, notching a 7.7% hold against $282.9 million handle. Its $7.6 million promo spend was second to DraftKings ($8.8 million), but up only 9.2% compared to last year.

PENN still leads iGaming roost

PENN Entertainment, which has DraftKings and BetMGM among its online casino skins, paced all operators with $77.6 million AGR, up 0.5% from last year. While its slot revenue also showed solid growth at $54.2 million — up 15.1% — PENN had a notable drop in table revenue to less than $23 million. That was down 23% despite a 12.6% increase in drop to $1.36 billion.

BetRivers was next with $34.3 million, up 17% from 12 months ago. It had double-digit percentage growth in both gaming disciplines, with slot revenue up 16.1% to $29.5 million and table winnings 19.7% higher to $4.5 million. Rivers’ $299,500 online poker rake was more than double the $126,200 claimed in February 2024.

Caesars Palace Online ($9.8 million) and Golden Nugget ($7.4 million) rounded out the top five in revenue among operators. Golden Nugget reported a 30.7% increase in revenue, with slot winnings up 28.9% to $6.5 million thanks to slot drop surging 70.1% to $154.4 million.

February is somewhat fickle in terms of year-over-year comparisons because of the shortened month — three operators had year-over-year declines while two others reported growth of less than 1.1%.

Other sportsbook notes

Sportsbooks statewide grossed $34 million for the month, attaining a 4.5% hold from $756.9 million wagered. As expected with local bettors’ rooting interest in the Super Bowl, promotional spend surged as the $26.5 million in credits and bonuses was 31.2% higher than February 2024.

Specific to Super Bowl betting, operators lost $6.5 million on $101.5 million worth of bets placed, a negative revenue swing of $36.3 million compared to 2023, when the Eagles lost to the Chiefs in Super Bowl LVII.

Pennsylvania’s mobile sportsbooks also hit a notable milestone in February as total promotional spend since the first online bets were placed in May 2019 surpassed $1 billion. Unsurprisingly, FanDuel and DraftKings have been the two biggest spenders in the Keystone State, with the former awarding $399.5 million in credits and the latter another $219.9 million.

February’s heavy spend contributed to five operators finishing with a negative AGR, with BetMGM’s minus-$3.1 million the highest reported loss. The minus-$186,026 reported by DraftKings was its first month in the red since a negative spread of $3.3 million in February 2022.