Things definitely took off on a high note for the Keystone States gambling industry and this is now evident from a recently released revenue report. Pennsylvania’s gambling industry which consists of 12 licensed casino operators, daily fantasy sports as well as video gaming terminals posted a 17 percent increase in revenue in January 2020. This is definitely a significant improvement when compared to the revenue figures that were posted in January 2019.
According to the Pennsylvania Gaming Control Board, total gambling revenue clocked in at a whopping $302.8 million with tax revenue clocking in at $124.1 million. Slots contributed the largest amount of revenue for the state, that is, $190.1 million was brought in from the vertical – this was a 5.8 percent increase from the same period last year. Table games, on the other hand, accounted for $72.5 million of the total revenue which is a 2.4 percent increase from what was recorded last year. The renowned Pennsylvanian video gaming terminals (VGTs) accounted for $1.1 million while the daily fantasy sports sector brought in $2 million.
Sports Betting Remains Strong
The revenue figures that were released by the Keystone State’s gaming control board revealed that its nascent sports betting industry is actually doing quite well. Compared to the same period in 2019, the sports betting sector managed to achieve a 16.9 percent revenue bump in January 2020. The revenue also grew month-over-month which shows that this was definitely not luck.
In January 2020, Pennsylvania’s 12 sportsbooks handled a whopping $348,381,708 in sports bets. As expected, a huge chunk of this revenue was from digital sports betting which has been increasing in popularity as more players get into the space.
In total sports betting revenue totaled to $22.8 million with internet sports betting accounting for $13.9 million of that amount. Gross revenue from sports betting was $31.6 million in January which means that the state also received a substantial amount in tax revenue.
More Operators Venture into Pennsylvania
If the revenue figures released by the gaming control board are anything to go by, the Keystone State’s gambling industry remains to be one of the most lucrative gaming markets in the United State. A number of gambling operators and service providers have noticed this and they are moving in to get a piece of that pie.
The most recent entrant into the gaming market is Gaming Innovation Group (GiG) which this week, received authorization from the state regulator to offers its services. This is the fourth state where GiG is making a stop as it continues with its country-wide expansion bid. Needless to say, the state’s growing gambling industry is certainly going to impact the company’s growth strategy in a major way.