Thanks to the legalization and regulation of sports betting and fantasy sports contests last year, Pennyslvania reported a slight increase in annual gambling revenue. The numbers were reported for the fiscal year ending June 30th.
The 1.8% increase was reported by the Pennsylvania Gaming Control Board.
According to the authority, gaming operators took in $3.3 billion in the past year – a record number compared to previous years.
It should be remembered that sports betting only launched in November last year. Fantasy sports betting launched last May.
In the previous fiscal year, Pennsylvania state and local governments earned $1.34 billion in tax revenue. Last year, the number rose to $1.39 billion.
Highlights of the report include:
- Sports betting accounted for $21.7 million in the revenue from the last fiscal year.
- Fantasy sports betting took in $23.6 million.
- Table games took in $886 million – a slight 1% dip from the previous year.
- Slot machine revenue grew 1% from the previous year.
- Slot machines made up 72% of gaming revenue last year – $2.4 billion.
Internet casino betting went live in Pennsylvania this week, and revenues are expected to boost remarkably in the coming fiscal year.
Both Hollywood Casino and Parx Casino conducted soft launches of their online casino game suites on Monday. The test periods lasted two to three days. They were followed by Penn National’s Hollywood Casino.
The Gaming Control Board announced on Thursday that the three casinos had passed their test and could not start operating 24/7. The casinos are now live with their online casino game offerings.
The SugarHouse Casino became the first Penn casino to launch internet sports betting in May .
In 2017, Pennsylvania announced an enormous gambling expansion and introduced sweeping new laws. Casino operators paid $10 million for the right to run online slot, casino games and poker.
Analysts estimate that within five to ten years, 90% of sports betting in the United States will be done online or via mobile devices. It is thus important for land-based casinos in Pennsylvania – and other states – that they have an online presence.
