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

FanDuel Attempts Presidential Election Betting in West Virginia

Last Tuesday, West Virginia became the very first state in the United States to trial betting on presidential election Betting. As it turns out, FanDuel had received approval from the West Virginia Lottery to offer betting odds on the presidential election. Despite this, the idea seems to have hit a dead end after the iGaming […]

PokerStars Pennsylvania Adds New Home Game Feature

Back in January 2011, PokerStars began experimenting with a Home Game features in a number of jurisdictions across the world. In the United States, this was only available for a limited period of time since its launch was closely followed by a countrywide crackdown on illegal online gambling. PokerStars was one of the casualties of […]

Rush Street Interactive Partners with Scientific Games for Pa.

Rush Street Interactive which is one of the most accomplished gambling operators in the United States has recently inked a lucrative partnership with global gaming solutions provider Scientific Games. The partnership is primarily geared toward providing top-notch gaming services to the nascent but rapidly growing online gaming market in the Keystone State. That said, customers […]

Penn National Gaming to Furlough 26K Workers and Sell Tropicana

On March 27, renowned gaming operator Penn National Gaming Incorporated announced that it would be implementing additional measures in a bid to mitigate against the impacts of the COVID pandemic. The company’s management stated that the moves were unavoidable particularly because of the uncertainty regarding when things will go back to they were. Therefore, there […]

Pennsylvania’s Online Gambling Revenue to Surge in March

The global gambling industry is one of the sectors that is feeling the pinch due to the effects of the global COVID-19 pandemic. In the Keystone State, things are no different with several retail gambling destinations having closed down temporarily as parts of the efforts to contain the spread of the virus. Even so, online […]

Similar Stories in Gambling

FanDuel Attempts Presidential Election Betting in West Virginia

Last Tuesday, West Virginia became the very first state in the United States to trial betting on presidential election Betting. As it turns out, FanDuel had received approval from the West Virginia Lottery to offer betting odds on the presidential election. Despite this, the idea seems to have hit a dead end after the iGaming […]

Pennsylvania’s Online Gambling Revenue to Surge in March

The global gambling industry is one of the sectors that is feeling the pinch due to the effects of the global COVID-19 pandemic. In the Keystone State, things are no different with several retail gambling destinations having closed down temporarily as parts of the efforts to contain the spread of the virus. Even so, online […]

Pennsylvania Gambling Regulator Releases February Revenue Figures

On Wednesday, the Pennsylvania Gaming Control Board (PGCB) released the February revenue figures for the state’s gambling industry. Needless to say, the state has one of the most lucrative betting industries in the United States and this has been proven by all the previous revenue reports. According to the state gaming regulator, the existing 12 […]

Pennsylvania Casinos Begin Closure Due to Coronavirus

As the recent coronavirus outbreak continues to spread across the globe, the United States is beginning to feel the pinch. A number of changes have already been implemented in a bid to deal with the issue. In Pennsylvania, one of the ways that are being used to combat the spread of the virus is the […]