Both Krahulik and Holkins make a living from Penny Arcade, placing them in a small group of professional webcomic artists devoted to their creations full-time.

After hiring Robert Khoo as their business manager, Holkins and Krahulik switched to a different income stream based on advertising and merchandise revenue alone.

At times the comic also depicts meetings between game developers or business people, and features or mocks the reporters of a news article that is commented on in Holkins' newspost.

He has a fascination with unicorns, a secret love of Barbies, is a dedicated fan of Spider-Man and Star Wars, and has proclaimed "Jessie's Girl" to be the greatest song of all time.

Tycho enjoys books, role-playing video games, using large and uncommon words in conversation, and deflating Gabe's ego.

The podcasts specifically captured the creative process that goes into the creation of a Penny Arcade comic, usually starting with a perusal of recent gaming news, with conversational tangents and digressions to follow.

Although the shows were initially published weekly, Holkins stated in a May 2006 blog post that they found difficulties when trying to produce the podcasts on a regular basis.

They were self-published via the PlayStation Network and Xbox Live as well as the PlayGreenhouse.com service created by Penny Arcade to distribute independent games.

[35] "The Last Christmas" and "The Hawk and the Hare", two stories that were published on the site, were released as motion comics for iOS developed by SRRN Games.

[42] Under the banner of "Penny Arcade Presents", Krahulik and Holkins are sometimes commissioned to create promotional artwork/comic strips for new video games, with their signature artistic style and humor.

Several elements of the ELotH:TES universe are featured on the cover of their second comics collection, Epic Legends of the Magic Sword Kings.

[51] At PAX Australia in 2016, during a Q&A session, Holkins revealed that changes at Paramount resulted in the movie rights being returned to Penny Arcade and the project canceled.

The series was launched on August 9, 2011 and featured new strips every Tuesday and Thursday,[53] usually accompanied by a "Tale from the Trenches", which was a short piece submitted by a reader detailing their own experiences in the game industry.

[54] In late August 2013, illustration was taken over by Ty Halley (Secret Life of a Journal Writer) and Monica Ray (Phuzzy Comics), former contestants of the Penny Arcade series Strip Search.

In 2011, Krahulik and Holkins released an application for iOS devices called The Decide-o-tron, presented by Eedar and developed by The Binary Mill.

The leaderboard ad on the home page of Penny Arcade would be removed if the minimum goal of $250,000 were reached, whereas the entire site would become completely ad-free for a year at $999,999.

[61][62] The reality web series described as "our version of America's Next Top Webcomic" titled Strip Search arose from the $450,000 stretch goal.

Krahulik and Holkins created a comic strip which compares the 7th generation consoles that appears in the December 2006 issue of Wired magazine.

[64][65][66][67] The duo chose not to enter into a legal battle over whether or not the strip was a protected form of parody, and they complied with the cease-and-desist by replacing it with an image directing their audience to send a letter to a lawyer for American Greetings.

[65][69] On October 17, 2005 Krahulik and Holkins donated US$10,000 to the Entertainment Software Association foundation in the name of Jack Thompson, a disbarred attorney and activist against violence in video games.

[73] On October 18, 2005 it was reported that Jack Thompson had faxed a letter to Seattle Police Chief Gil Kerlikowske claiming that Penny Arcade "employs certain personnel who have decided to commence and orchestrate criminal harassment of me by various means".

[76] On October 21, 2005 Thompson claimed to have sent a letter to John McKay, U.S. Attorney for the Western District of Washington, in an attempt to get the FBI involved.

Thompson re-iterated his claims of "extortion" and accused Penny Arcade of using "their Internet site and various other means to encourage and solicit criminal harassment".

[78] Thompson claimed the harassment of him is a direct result of Mike Krahulik's posts, which listed links to the Florida Bar Association.

In an August 11, 2010 comic entitled "The Sixth Slave", an NPC pleads with a player who then refuses to save him: "Every morning, we are roused by savage blows.

[90] In September 2013, on the last day of PAX, Krahulik told a panel that he thought that "pulling the dickwolves merchandise was a mistake", to cheers from the crowd.

[92] Both critics of the comic strip and Krahulik and Holkins, made claims of receiving verbal abuse through social media and death threats.

[93] In a 2012 article in the Journal of Broadcasting & Electronic Media, academics Salter & Blodgett used the Dickwolves incident as a case study into "hypermasculinity and sexism within the gaming community", and argued that "this case highlights how the hypermasculine discourse encourages the overt privileging of masculinity over femininity and discourages women from engaging in gendered discourse within the community.

Krahulik made a post about the honor, in which he explained that Penny Arcade was created only because Next Gen rejected the duo's entry to a comic contest many years before.

[107] In July 2015, Holkins and Krahulik were recognized as "Multimedia Empire Builders" in Ad Week's 10 Visual Artists Changing the Way We See Advertising issue.