- In the first year of legal online gambling, there have been increases and decreases in the revenue due to the effects of the coronavirus pandemic.
- The reopening of land-based casinos in Pennsylvania last month caused a drop in the revenue from online gambling
- The monthly tax revenue that Pennsylvania has received has almost doubled tax revenue collected by New Jersey.
HARRISBURG, Penn. - As Pennsylvania hits the one year mark of online gambling, the state’s iGaming market has seen rises and falls.
Operators in Pennsylvania have generated over $240 million in online gaming collectively through the 2019-2020 fiscal year.
There was $50 million in online revenue made in the month of June which is almost 15 times more than the revenue from the first full month of iGaming in August 2019.
Numbers were released by the Pennsylvania Gaming Control Board for all of the gaming revenue that was generated in the market.
PGCB Reports Total Pennsylvania Gaming And Fantasy Contest Revenue For 2019/20 State Fiscal Year https://t.co/fWRKV3RjZB— PGCB (@PAGamingControl) July 16, 2020
Online gambling saw a spike in revenue during the coronavirus pandemic shutdown which had an adverse effect on the land-based casinos.
Once the land-based casinos reopened, online gaming suffered a decline in its growing revenue. For example, 12 of the 13 land-based casinos opened in June and online slots revenue dropped from $55.8 million in May to $36.8 million in June.
Though brick and mortar betting venues had an effect on the increase and decrease of the USA online gambling industry in the state, there are were constant additions to the Pennsylvania online gambling market that also added to the growth.
In the first few months, there were only three online casinos available for residents, now there are 10 including big names such as DraftKings casino, FanDuel casino, and PokerStars.
In the 12 months of online gambling in PA, state and local governments have received $97.2 million in taxes from operators. Two-thirds of the tax revenue has come in the last three months.
This year, the state of Pennsylvania will generate nearly twice as much monthly online gaming tax revenue as New Jersey which has had online gambling for almost seven years.