Pennsylvania Online Gambling Revenues Net Almost $400 Million
January 23, 2019In the short time that online gambling has been legal in Pennsylvania the state has generated revenues of almost $400 million. This puts the state on a par to match or exceed the successes of states like Nevada and New Jersey where online casinos and sportsbooks are legal.
Many legislators are heralding the success of online gambling in Pennsylvania as a validation of their efforts to legalize online betting. The money raised from online casinos is being put to use in various areas for the betterment of the state. Meanwhile, other states are watching. Lawmakers in many parts of the US will try to advance online gambling legislation in 2019.
According to figures released by the state, $395.8 million has poured into the state coffers since online gambling in Pennsylvania was approved. The remarkable thing about this number is that it does not reflect any taxes that have been collected from the online sportsbooks. It only takes into account the upfront fees that gaming operators have paid to license and launch their betting platforms. There are currently three casinos which allow online sports betting in Pennsylvania. Online casino gambling is still in the works.
The cost for a gaming license can cost up to $50 million depending upon the type of games that are offered. Revenue in the state is also being generated by online lotto games, fantasy sports, and other gambling ventures.
Many states that have found themselves in economic straits are turning to online gambling for possible relief. Michigan is a case in point. Legalization of online gambling in Michigan is expected to be considered once more in 2019 after a measure was vetoed by outgoing governor Rick Snyder in the closing days of 2018.
The general outlook for legalized online casino betting in the US remains strong. The figures from Pennsylvania will only strengthen the resolve of other lawmakers to introduce legislation in their states.
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