Published on June 22, 2020 8:10 am
Update on June 22, 2020 8:10 am
Things continue to look up for the Keystone State’s online gambling industry and a recent revenue report from the Pennsylvania Gaming Control Board (PGCB) details all of this. While the growth may have not been able to completely undo all of the damage that was left by the closure of land-based gaming facilities a couple of months ago, it has certainly been a great anchor for the state’s online gaming industry.
According to the PGCB press release that came by about a week ago, May online gambling figures were very impressive, to say the least. The iGaming sector managed to break a number of records with the most notable one being the online slot machine record which, for the first time, topped $1 billion. This was an increase of $300 million from the previous month which is certainly great for the operators and the state’s economy.
Online table games were also a huge part of the May revenue report. The sector generated a whopping $778.5 million in May which represented an increase of about $150 million in April. From all these, about $55.8 million from online casino-type offerings went to the state coffers.
“Further emphasizing the significant increase in online play during the COVID-19 shut down of casinos is the jump in revenue in just two months. The $55.8 million May online casino-type revenue figure was more than double the revenue generated from those games in March when revenue stood at $24.9 million.”
A PGCB statement.
In total, Pennsylvania was able to bring in nearly $120 million in taxes last month thanks to the contribution of retail casinos. These were not operating at full capacity but their contribution can definitely be overlooked.
What Does the Future Hold?
The reopening of land-based gaming venues has been all the buzz for the past few weeks. Now, with several casinos now allowing patrons into the floors, things should get better very soon. Already, there is a noticeable increase in sports betting action in May compared to the previous month. This can be attributed to the fact that it was in May that the state saw the first live sporting events since the coronavirus pandemic began. Gamers could, therefore, place bets on such things as the UFC and NASCAR.
Going forward, there is certainly going to be a lot of focus in ensuring that the land-based online casinos are able to get back on their feet. At the same time, there is a lot of focus on the further growth of the online gambling sector. Online poker, in particular, will become even more popular thanks to the arrival of more online poker operators into the state’s lucrative market.