- Pennsylvania’s casino handle hits $3.3 billion for the FY 2018/2019
- Net proceedings for the state amount to $1.3 billion
- Online betting and gaming verticals expected to boost engagement
Pennsylvania’s gaming sector continues to generate significant revenue through its spots betting and casino verticals. The state is expecting an immediate launch of online casinos, poker and sports betting.
Pennsylvania’s Revenue Hits an All-Time High at $3.3bn
Anticipating the official launch of the online gaming industry, Pennsylvania has posted reassuring results for the 2018/2019 fiscal year. The Keystone State generated $3.3 billion in revenue from its brick-and-mortar business over the 12 months. The results were boosted by sports betting, which Pennsylvania was among the first to adopt after PASPA was repealed in May, 2018.
The results cover the financial year which ended on June 30, 2019, with the revenue going up by 1.8% year-over-year. For the sake of comparison, the FY 2017/2018 finished with Pennsylvania generating $3.25 billion.
Meanwhile, the stated raked in $1.39 billion in tax which was better than a year before when the net proceedings for the state amounted to $1.3 billion. As to the casino properties themselves, slots continued to be the stronger driver of revenue in the financial year, with the cumulative winnings for casinos amounting to $2.37 billion.
Table games also posted solid results this year, with $885.6 million in total winnings which was a slight 1% drop from a year before.
Good Tidings for Sports Betting in PA
Sports betting also posted decent results over the period. Pennsylvania generated $21.7 million in terms of revenue through sports wagering. The majority of the revenue came from land-based properties, as Pennsylvania is only now preparing to to launch into online gaming. Parx Casino has already begun testing.
June 2019 proved to be a very strong month for the Keystone State with the sports betting revenue collected by operators reaching $46.3 million. That was one of the best results generate through spots betting the state has experienced to date.
Retail sports betting generate $1.7 million state-wide which was the lowest posted results since November 2018. Meanwhile, SugarHouse retained its position as the market leader, claiming all but half of all sports wagers in the month.
Spending on the casino’s sports wagering platform amounted to $23.3 million that month. Sports betting is nowhere near bringing in the same revenue as do table games and slots but the segment is developed. With the adoption of online betting and gaming solutions, Pennsylvania expects to incentivize the market further.
The online segment has a great appeal over gamers and sports ans who are reluctant to drive down to a casino or betting facility to place a wager. New Jersey one of the first states to introduce online wagering, now generates 80% of all its betting revenue via its mobile platform.
New Jersey is also one of two states together with Delaware to allow gamers to play online casino games via an online platform.