FanDuel Leads Valley Forge Casino to Record Revenue in Pennslyvania Online Casino Market
FanDuel’s land-based partner in Pennslyvania, Valley Forge Casino, increased its revenue substantially towards the end of 2023, figures from the Pennsylvania Gaming Control Board (PGCB) for November 2023 reveal. The figures indicate growth in the FanDuel Online Casino brand in the Keystone State, which reported healthy growth in a recent Q3 2023 earnings call.
While the PGCB does not provide a detailed breakdown of revenue by operator, the overall figures show Valley Forge’s license achieved record revenue of $51 million in November, surpassing the $50 million mark for the first time in a single month. Starting from $33.7 million in June, online revenues have steadily increased each month for the casino, which is partnered with FanDuel and Stardust in PA.
Despite remaining behind DraftKings, FanDuel’s growth has surpassed other top operators in Pennsylvania. Compared with Rush Street Interactive (RSI)’s Rivers Casino Philadelphia, which partners with Borgata Casino, PlaySugarHouse, and BetRivers, FanDuel has moved ahead. Since May, when Rivers Casino led with $35.9 million against Valley Forge’s $34.7 million, Valley Forge has consistently outperformed the RSI facility in revenue each month.
Pennsylvania’s online casino market has been showing healthy growth in 2023, setting a new U.S. record for monthly revenue in November 2023 of $191.9 million. This figure marks the second time in three months that the state has established a new record in this domain.
During its Q3 2023 earnings call in November, FanDuel announced that it had become the second-largest online casino operator in the United States. According to a financial statement released to investors, FanDuel now holds a 23% share of the online casino market, representing a 52% increase in year-over-year revenue.
The operator also reported a 37% increase in customer acquisition across online casino and sports betting platforms, including a 13% rise in states that launched before 2022. Despite the growth, FanDuel still trails behind DraftKings, which earlier this year became the number one online casino operator in the Keystone State.