The Keystone State’s massive gambling market continues to grow and as expected, it has been able to generate significant amounts of revenue through various sectors. In fact, it is safe to say that the gaming industry, in one way or the other, has managed to surpass a lot of expectations, a trend that is likely not to go away anytime soon. With the recent entry of online sports betting, online casinos, and online poker, there is even more enthusiasm and optimism with regards to the future of the state’s gaming sector. Already, the expanded gaming industry in the state is showing great results and the revenue generated since the gambling expansion plans took effect is proof.
In tandem with the recent launch of the state’s online gambling sector, the Pennsylvania Gaming Control Board (PGCB) has recently posted the revenue figures for the 2018/2019 fiscal year and as implied earlier, it is quite impressive, to say the least.
In the just-concluded fiscal year 2018/2019, the state generated a whopping $3.3 billion in gambling revenue from its land-based casino operations. This was a 1.8 percent year-over-year increase from the $3.25 billion that was recorded in fiscal year 2017/2018.
From the total gaming revenue, the state coffers received a total of $1.39 billion in tax revenue which was also a significant increase from the $1.3 billion in tax revenue that was collected in the previous fiscal year.
As it turns outs, slot machines are still a force to reckon with in Pennsylvania as they were among the strongest drivers of the gaming revenue. To put this into perspective, the slot machines generated a whopping $2.37 billion. Table games, on the other hand, posted $885.6 million in total earnings which were 1 percent drop from the previous fiscal year.
Enter Sports Betting
Needless to say, the entry of both retail and online sports betting into the Keystone State’s gambling market was a huge gamechanger. In June, which was marked the end of the just-concluded fiscal year, the state’s sports betting industry go a boost from online wagering – in general, sports betting generated a total of $46.3 million in bets during the month of June which is usually considered to be a slow month for sports betting.
What Next?
The Keystone State’s gaming market has matured even though some sectors are undoubtedly ahead of the others. Either way, now that everything in the gaming expansion plan has taken shape in one way or the other, there is definitely a lot more to look forward to in the fiscal year that has just begun.