Total state taxes from iGaming surpassed $1 billion in a calendar year for the first time
Online casino revenue generated just over $557.2 million in operator revenue for November, the fourth time in 2023 an all-time monthly high was reached by the six states offering the gaming discipline.
It was the first time monthly revenue topped $550 million, which is impressive given the group of six did not generate $500 million in any month until March of this year at $534.5 million. November’s figure, which surpassed the previous high of $542.7 million set in September, was spurred by record hauls from Michigan and New Jersey. Both states cleared $170 million in monthly operator winnings for the first time, with Michigan’s $175.3 million an all-time national monthly high.
The tally of online casino revenue entering the final month of 2023 was nearly $5.58 billon, an increase of 22.9% versus last year. Adjusted gross revenue was up 22.8% to close to $5.34 billion as only Connecticut and Michigan report operator deductions.
The $110.7 million in state taxes generated narrowly missed being an all-time monthly high for iGaming, coming within $47,150 of September’s amount. It was enough to send the year-to-date tax total to more than $1.1 billion — the first time combined iGaming state taxes crossed the $1 billion threshold.
Pennsylvania online casinos accounted for nearly 40% of that amount, with the state receiving just shy of $44 million. The combined tax receipts from the six states is more than $222.1 million ahead of last year’s pace.
Known handle for November was close to $7.2 billion among Connecticut, Delaware, Pennsylvania, and West Virginia, marking the second consecutive month of decline from September’s all-time high of more than $7.4 billion. The year’s known handle — Michigan and New Jersey do not report amounts wagered through online casino platforms — entering December was close to $73.6 billion, which was up 26.7% compared to the first 11 months of 2022.
https://www.usbets.com/november-2023-internet-casino-revenue/