PA's November Revenue Numbers Could Prompt Other States to Legalize Online Gambling
January 7, 2020
To date, seventeen states have legalized sports gambling for its residence. Of those 17 states, at least six of them have also legalized provisions for online gambling. If there's any question about the importance of online access for gambling enthusiasts in the US, the revenue numbers reported in Pennsylvania for November should shine a light in favor of said activities.
For month of November 2019, the Pennsylvania Gaming Control Board (PGCB) released the state's aggregate revenue and profit numbers for the state. Under the category of online casino gambling, the net winnings number was $9.7 million for the month, which reflects an increase of 95.3% as compared to the prior month. Under the online sports betting category, the numbers were solid. The internet sports wagering gross revenues (after payouts) for the month came in at $17.3 million, which represents a 19.3% increase over the $14.5 million reported in October.
With the online gambling numbers escalating at an amazing trajectory all over the US, it's starting to finally catch the attention of legislators in states where the gambling legalization process has been moving slow. The numbers indicated above paint a very clear picture of what's possible in every state. If Pennsylvania can reasonably expect upwards of a $350 million to $400 million in online gambling revenue in 2020, that puts a lot of much needed tax dollars in the state's coffers.
We are also seeing tremendous growth in more establish markets like New Jersey and in the newer markets like Indiana. While the numbers may vary, the story is very much the same. The time has come to give US residents the opportunity to play casino games or bet on sports through online portals and mobile devices.
For the states slow to the party, the numbers are bringing pressure to bear. In states like Illinois, the residents are getting restless. The state is now surrounded by states that have already legalized sports betting and/or online gambling activities. That's right. The state of Illinois will soon be watching as its residents flee across the state's borders into Michigan, Iowa and Indiana where they can place bets online legally.
The reality is most states are running out of excuses to not move forward with the appropriate gambling legislation. Gambling now has universal status as an acceptable form of adult entertainment whether in land based casinos or online. The question is: "how much longer can some states standby and watch tax revenue flow into other states?"