Pennsylvania gambling revenue has surged to 5 Billion dollars for the current Fiscal Year, as the gambling industry in the state continues to grow and compete with other states. This is a huge milestone for Pennsylvania, and it is clear that the gambling industry is only going to continue to grow in popularity. Thanks to initiatives like online gaming and sports betting, Pennsylvania is quickly becoming one of the top gambling destinations in the country.
The figures are based on Pennsylvania’s public recording of tax and revenue collected over time by the Gaming Control Board. While the economy has yet to reach it’s maximum potential, Allegheny Institute executive director Frank Gamrat claimed that it had not been deteriorating, offering casinos with a flourishing client base and the potential to increase income even more. For the media, he added:, Gamrat said:
One thing to consider is that it’s the discretionary money that are used to gamble with. As long as they have discretionary money they’ll keep gambling.
The gambling revenue of the state increased by almost 30% compared to its $3.87 billion total last fiscal year and a slight increase compared to its $4.7 billion total from the past calendar year.
Revenue from land-based gaming was by far the most important, with revenue from retail slots increasing 27.7% yearly to $2.41 billion and table game sales growing 40.7% to $1.02 billion in 2018. Slot machines account for 70% of the gaming revenue, making it the state’s biggest contributor.
FanDuel-Valley Forge partnership claims the top spot in terms of sports betting with $160.1m in revenue, with a huge edge over Hollywood Casino’s at the Meadows’ Barstool Sportsbook on $52.5 million revenue and Hollywood Casino’s at Penn National and DraftKings with a total of $23.8 million.
Online casinos has also been a vital factor in the success as it makes betting more accessible to players. Full legalization of gambling had just been passed on 2019 which includes the legalization of online gambling.
The Pennsylvania Gaming Control Board (PGCB) did not provide a breakdown of online and retail income numbers for this industry, nor was handle information disclosed.
The state is currently holds the 3rd spot behind New Jersey and Nevada who claims the Top 2 biggest markets in the US based on the reports of regulators.
However, Gamrat remains confident that the revenues of Pennsylvania will continue to grow based on the current market.
The gaming industry does not have the spinoff effects as does a factory, as does an office building,” Gamrat said
Gamrat added that the $5 billion mark based on a calendar year may also be breached based on the projected figures. He stated that between 2011 and 2019, the industry has generated only $3 billion a year in total revenue, but this could now change if Pennsylvania sets a new record with the projected $5 billion, collected from all forms of gambling.