Pennsylvania Earned Almost $400 Million From Gambling Expansion
December 7, 2018 in Gambling News
The Keystone state has made close to $1 million a day on average since Bill 271 was passed to accommodate I-gaming, and sports wagering throughout the region, as reported first by PlayPennsylvania.com.
Gambling has injected more than $385 million into Pennsylvania’s economy in the first year since a law was passed to expand gambling in the state, surpassing state budget estimates
This number massively surpassed budget estimates and has prompted more and more operators to petition and bid for further licensing on online games such as keno, poker, lotteries as well as virtual fantasy sports.
Statistics evidence that online lotteries, keno, and sports betting petitions all collectively generated $23 million in 2018 alone. State tax collection of slot machines produced $799.8 million, auctions for mini-casino licenses generate $128 million, whereas licenses for online casino games such as poker bought in close to $94 million.
After a further dissection of figures calculated by the state officials – Pennsylvania’s overall gaming landscape is estimated to total up to a massive $34 billion in revenue for its 2018-2019 fiscal year.
With the November opening of the sportsbook at Hollywood Casino at Penn National, the rollout of sports betting is just beginning in Pennsylvania. More openings are expected in December and January, too.
In addition, Pennsylvania should begin adding revenue from online gambling in early 2019, and later, mini-casinos.
Once more casinos launch their sports wagering programs, it’s likely that the sports wagering tax revenue coming to the state will begin to exceed and perhaps even dwarf the fantasy sports revenue.