Pennsylvania hits record gambling revenue of 3 Billion

Published by Daniel on July 29, 2019 in Industry News

Pennsylvania Gambling Revenue RecordThe online gambling industry is growing rapidly and the US is feeling the benefits of regulating the market.  

Pennsylvania is among the most recent states to have legalized online gambling and sports betting in the USA.  

Legalizing its online gambling market has not only been beneficial for players but also boosted its gambling revenue.

Pennsylvania hits record gaming revenue 

The gambling revenue in Pennsylvania reached a record $3.3 billion in the 2018/19 fiscal year. The US state’s gambling revenue received a drastic boost by additional income from regulated sports wagering.  

Earlier in 2018, the US Supreme Court ruled that sports betting can now be legalized. The Supreme Court gave each state the authority to decide whether or not they want to legalize this gambling activity in their respective states.  

According to the figures for the 12 months up to June 30 2019, it shows a 1.84% increase on the $3.25 billion posted in the corresponding period for the last year. The state managed to collect a total of $1.39 billion in gambling taxes which is up $1.3 billion from the previous year.  

Sources of revenue 

According to the revenue, report slots were the main source of income for licensed casinos in Pennsylvania. The revenue for these amounting to a collective $2.37 billion which was a slight rise from the $2.35 billion it reached last year.  

Following far behind was table games with a revenue of $885.6 million which is a 1.08% decrease on the $895.3 million it generated the previous year. This is the first time the state has seen a year on year drop since table games were introduced in their casinos back in 2010.  

Legal sports betting only launched in the state on November 2018 but has since managed to generate $21.7 million in revenue. The revenue was primarily derived from land-based activities as online wagering only launched in May this year.  

And finally, Fantasy Sports brought in a revenue of $23.6 million which is a 56.4% increase from the $1 million it generated in revenue the previous year.  

Higher revenue increases expected 

The yearly sports wagering results were boosted by record performance in the market in June, the rollout of legal online sports betting in May was a contributing factor. According to licensed operators, they generated a collective revenue of $3.1 million for June. This is the highest figure since legal sports wagering was launched in 2018.  

Operators processed a total of $46.3 million in bets during the month of June which is another record for the state.  

The online and sports betting market in Pennsylvania is rapidly expanding and generating massive revenue. For a state that once stood against any forms of online gambling activities the victories of welcoming the virtual gambling activities has just begun.  

The market is still in its green face and there is plenty of possibility and opportunity for growth and expansion. With a record gaming revenue of 3 billion hit by June 30 2019, many are looking forward to the rapid rise in revenue by 2020.