Gambling revenue in Pennsylvania reached an all-time high in 2021, according to the Pennsylvania Gaming Control Board. Revenue from slot machines, sports wagering, table games, iGaming, fantasy contests and video gaming terminals (VGTs) all contributed to the record year, bringing in a total of $4,7 billion. This is far above the revenue posted for 2020 when casinos faced pandemic-related restrictions and many of them had to close for some time.
Monthly revenue records
Revenue dipped in December of 2021, but Pennsylvania still set monthly revenue records in six months of the year. Slot revenue led in December at $195.5 million. Hollywood Casino earned the highest revenue in December at $58.8 million, followed by Parx Casino at $55.5 million and Rivers Casino at $44.7 million.
Gambling games were profitable in December, with online casinos and poker rooms producing a record $127.6 million in gross gaming revenue. Sports betting in December reached near all-time highs and sportsbooks reported $38 million in gross revenue.
A transformational year for sports betting
Sports wagering set a yearly revenue record at $340.1 million. The current rate of expansion for regulated sports betting shows that legislators realize the benefit of taxable revenue from virtual casinos. No other state received more tax revenue out of sports betting than Pennsylvania. It has become a sustainable and consistent revenue source for the state.
The popularity of iGaming
The rise of iGaming has led to predictions of strong growth over the next few years. Revenue for iGaming set a yearly record in Pennsylvania at $1.1 billion. When land-based casinos were forced to close their doors due to the pandemic, iGaming revenue rose dramatically. When their doors reopened, iGaming revenue leveled out for a month but despite detractors saying it would decrease once the land-based casinos opened, it has continued to rise.
Online casinos yearly revenue
For the year 2021, the online casinos in Pennsylvania generated $1.3 million in gross revenue and delivered $466.4 in state taxes. Online casino revenue has nearly doubled year over year, and the vast majority of gamblers bet online using their smartphones. It is just as easy for them to buy Bitcoins as to bet online. As with gambling, it is always best to start small when buying crypto due to the volatility of the market. Times are changing, and online activities like internet gambling are increasing at a tremendous rate.