Clicky

Pa. Expanded Gambling Nets $385 Million in First Year - PennsylvaniaCasinos.com News : PennsylvaniaCasinos.com News
pokerchips-dice
Published on
Update on
Author

A recent report has revealed that the Keystone State gas netted a little over $1 million each day since the state’s lawmakers passed a law to expand gambling in the region in October 2017. Gambling in the state has injected over $385 million into its coffers, surpassing initial budget estimates. The gambling expansion bill that made this possible involved online or interactive casino gaming, mini-casinos, and sports betting services among many others. While not all of these have gone live – sports betting just quietly went live a few weeks ago – the money began to stream in right from the time that the licensing process began.

Upfront licensing fees for various gambling activities including sports betting and online gaming, as well as profits from the auction of mini-casino licenses and tax revenue collected from the lottery and daily fantasy sports, made up a considerable chunk of the amount the revenue received by the state. The fact that a huge percentage of the $385 million was purely from licensing fees instead of tax revenue is proof that there is certainly a lot of interest in the state’s gaming market and various gaming operators are willing to do whatever it takes to get a piece of it.

Let’s Break It Down

The Pennsylvanian gaming market has shown a lot of promise primarily because the revenues that were generated this month were largely from licensing and gaming petitions. The industries have not even started yet but there is certainly a lot of potential – the industry is expected to see an even more significant increase in total gaming revenues once all the gambling-related changes are implemented and the services finally go live.

Down to specifics, this year, the Keystone State was able to rake in more than $23 million from online lottery games, virtual sports, and keno. Mini-casino license auctions, on the other hand, generated a whopping $128 million while interactive gaming petitions for online casinos and poker games brought in $94 million. Next, we have casino and sports betting licensing which brought in $78 million and $60 million respectively. Daily fantasy sports which have had quite the year in the state managed to bring in $1.4 million in tax revenue earnings.

What the Future Holds

When compared to the revenue from the expanded gambling plans, Pennsylvania collected $799.8 million in taxes from all slot revenues in the 2017-2018 fiscal year. If everything goes as planned, Pennsylvania expects to generate over $34 billion in general gaming revenues in the 2018-2019 fiscal year.

Already, the sports betting industry in the state has kicked off with the November opening of the Hollywood Casino sportsbooks with more set to open in the next couple of months.  Furthermore, the online gaming sector is expected to go live in early 2019, and they will be followed by the mini-casinos. All these are potential revenue sources that the state will be benefiting from.

Latest Headlines

Pennsylvania Announces Another Mini-Casino License Auction

As plans to reopen retail gambling venues continue to pick up pace in Pennsylvania, the state’s gaming control board also seems to have its sights set on even more expansion. Once again, the state will be trying its luck at increasing the number of mini-casinos. Already, the gaming officials have set September 2 as the […]

Multiple Pennsylvanian Casinos Go Smoke-Free

Thanks to new directives from the state health authority and regulators in the Keystone State, several land-based gaming venues are now smoke-free. Many of the retail gaming operators have been preparing to launch while ensuring that they adhere to the guidelines provided by the Pennsylvania Department of Health. The Washington-based Meadows Racetrack & Casino is […]

Penn National Gaming Inks Sports Betting Deal with Sportradar

Renowned gambling operator Penn National has recently revealed that it has entered into a lucrative partnership with Sportradar, the world’s leading provider of sports content and data. The partnership will allow Penn National Gaming to gain access to official NFL data which it can then use on its sports betting platforms. In its sportsbooks, Penn […]

A Look at FanDuel’s Standalone Pennsylvania Casino App

Last week, FanDuel unveiled a standalone casino app that will be catering to the very lucrative Pennsylvanian online gambling market. FanDuel Casino App which is available for both iOS and Android users in the state. However, this is not the first that avid gamblers in the state will be hearing of the offering. The online […]

New Proposal Could Lead to Regulation of Slot-Like Machines in Pennsylvania

Pennsylvanian seems to be poised to go through yet another major gambling overhaul. This is thanks to a recent proposal by the state’s Senate which intends to introduce even more sweeping changes to the gaming market. Most notably, the proposal is pushing for the legalization of slot-like gaming terminals which will be situated in a […]

Similar Stories in Gambling

Multiple Pennsylvanian Casinos Go Smoke-Free

Thanks to new directives from the state health authority and regulators in the Keystone State, several land-based gaming venues are now smoke-free. Many of the retail gaming operators have been preparing to launch while ensuring that they adhere to the guidelines provided by the Pennsylvania Department of Health. The Washington-based Meadows Racetrack & Casino is […]

New Proposal Could Lead to Regulation of Slot-Like Machines in Pennsylvania

Pennsylvanian seems to be poised to go through yet another major gambling overhaul. This is thanks to a recent proposal by the state’s Senate which intends to introduce even more sweeping changes to the gaming market. Most notably, the proposal is pushing for the legalization of slot-like gaming terminals which will be situated in a […]

Pennsylvania Records More Online Gaming Growth in May 2020

Things continue to look up for the Keystone State’s online gambling industry and a recent revenue report from the Pennsylvania Gaming Control Board (PGCB) details all of this. While the growth may have not been able to completely undo all of the damage that was left by the closure of land-based gaming facilities a couple […]

Wind Creek and Betfred Approved for Pa. Sports Betting

Despite all the setbacks that it has had to face, the Keystone State’s gaming market continues to grow. Its sports betting sector has been one of the most successful with gamers in the state being able to choose from a wide range of great gaming options. The number of sports betting options is about to […]