Playpennsylvania.com has revealed that the state has netted in excess of $1m a day since law has passed to expand gambling throughout the region.
It has injected over $385m into the coffers since 2017, surpassing budget estimates with upfront licensing fees for casinos, online casinos and sportsbooks as well as mini casino auction profits and tax revenue from Lottery expansion and daily fantasy sports combining.
By Comparison to the gambling expansion, the state collected $799.8m in taxes from statewide slot revenue in 2017-18 fiscal year.
“The Most notable aspect of the significant revenue that has been generated is that this is almost completely from fees, rather than tax revenue gained from gamblers,” said by Jessica Welman an analyst for playpennsylvania.com. “Clearly there is enough interest in Pennsylvania’s enormous market so far to generate the fees.
“If the point of the expansion was to fill short term gaps in the state’s budget, then the expansion would have to be considered a success so far.
“More Casinos and sportsbooks must open before we get a clear picture of whether pennsylvania’s relatively steep tax rates and license fees, will produce the desired outcome.”