Latest News
Pennsylvania Gambling Expansion Nears $400 Million for the State in First Year
Reading Time: 2 minutes
Upfront licensing fees a short-term boon for state coffers, but revenue from gamblers will still have to wait, says PlayPennsylvania.com
Gambling has injected more than $385 million into Pennsylvania coffers in the first year since a law was passed to expand gambling in the state, surpassing state budget estimates. 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, have combined to net Pennsylvania more than $1 million a day since late 2017, according to a recent analysis by PlayPennsylvania.com.
“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 Jessica Welman, analyst for PlayPennsylvania.com. “Clearly there is enough interest in Pennsylvania’s enormous market so far to generate the fees.”
The revenue estimates were tabulated by PlayPennsylvania.com using a combination of official statistics and estimates based on iLottery, keno, and virtual sports sales numbers. A detailed accounting of the revenue generated so far can be found at playpennsylvania.com/revenue.
Using return-to-player rates of the games, PlayPennsylvania estimates that the state has collected more than $23 million in revenue from online lotto games ($19.6 million), keno ($3.6 million), and virtual sports ($87,000) through October.
Other sources of revenue so far from the law include:
- Mini-casino auction profits, $128 million
- Interactive gaming petitions, $94 million
- Casino licensing, $78 million
- Sports betting petitions, $60 million
- Daily Fantasy Sports tax revenue, $1.4 million
By comparison to the gambling expansion, the state collected $799.8 million in taxes from statewide slot revenues in fiscal 2017-18. Pennsylvania estimated in February that the state will generate more than $34 billion in general fund revenues for its 2018-19 fiscal year.
“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,” Welman said. “We believe that the gambling expansion will eventually prove to be a winner for the state’s budget, but the long-term picture is less certain. 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.”
With the November opening of the sportsbook at Hollywood Casino at Penn National, the rollout of sports betting is just beginning in Pennsylvania. More openings are expected in December and January, too.
In addition, Pennsylvania should begin adding revenue from online gambling in early 2019, and further down the line, mini-casinos should enter the fray.
“The addition of retail sports betting should help buoy a slowing Pennsylvania casino industry,” said Dustin Gouker, lead sports betting analyst for PlayPennsylvania.com. “If New Jersey is any indication, though, the more significant revenue generator will be online sports betting. A successful rollout there should generate millions of dollars in tax revenue for the state.”
About The PlayUSA Network:
The PlayUSA Network and its state-focused branches (including PlayNJ.com, PlayNY.com, PlayPennsylvania.com, and PlayCA.com) is a leading source for news, analysis, and research related to the market for regulated online gaming in the U.S.
Source: PlayPennsylvania.com
Source: Latest News on European Gaming Media Network
Latest News
Spin the Joy with Santa’s Reels – Playzia’s Festive Online Slot Game!
Just in time for the holiday season, Playzia is thrilled to announce the launch of Santa’s Reels, a vibrant and festive online classic slot game that’s guaranteed to spread cheer and big wins! With a 5×3 grid layout and 25 fixed paylines, this medium-low volatility game combines stunning Christmas-themed graphics, exciting features, and the chance to hit one of four jackpot prizes.
In Santa’s Reels, Santa himself acts as the Wild symbol, which can substitute for any regular symbol to create winning combinations. Playzia’s latest online slot features the exciting Jackpot Hold and Win round, unlocked by collecting 50 Bonus symbols across multiple sessions. Once activated, only Jackpot symbols appear on the reels, and the feature continues until 3 or more identical Jackpot symbols are collected, leading to one of the game’s big payouts.
Additionally, players can enjoy stacked wilds in the Free Spins round, triggered by landing 3 or more Scatter symbols, awarding 10 Free Spins with the possibility of unlimited re-triggers. The Buy Bonus feature allows players to instantly access either the Free Spins or Jackpot Hold and Win rounds by paying 20x or 40x their bet, respectively. Santa’s Reels has a medium low volatility, with a default 96% RTP, and 3 other variables to choose from.
Vlad Modorcea, CPO at Playzia, stated: “We’re thrilled to introduce Santa’s Reels, our latest holiday-themed slot that brings the joy of Christmas to life! This game offers an exciting new feature where players can collect festive gifts over multiple sessions, building anticipation for the ultimate reward—the bonus Hold and Win Jackpot Round. It’s our way of making the holiday spirit last a little longer, with game mechanics that players Love to Play!”
Playzia is currently boasting a thrilling lineup of games, including exciting titles like Billionaire Wolf, Sweet Candy Fortune, and The Great Fishing Adventure. In 2025, Playzia will unveil a roadmap featuring 3 new games per month, ensuring a constant flow of fresh content. Players can also look forward to exciting surprises, including intriguing branded content, further enhancing the gaming experience and keeping things fresh and dynamic for those who Love to Play!
The post Spin the Joy with Santa’s Reels – Playzia’s Festive Online Slot Game! appeared first on European Gaming Industry News.
Latest News
BGC RESPONSE TO DCMS MANDATORY LEVY AND ONLINE SLOTS STAKE LIMITS ANNOUNCEMENT
Betting and Gaming Council, CEO Grainne Hurst, said: “The BGC supported plans outlined in the White Paper published last year to reform stake limits and introduce a mandatory levy to fund Research, Prevention and treatment.
“BGC members voluntarily contributed over £170m over the last four years to tackle problem gambling and gambling related harm, including £50m this year alone, funding an independent network of charities currently caring for 85 per cent of all problem gamblers receiving treatment in Britain.
“Ministers must not lose sight of the fact that the vast majority of the 22.5m people who enjoy a bet each month, on the lottery, in bookmakers, casinos, bingo halls and online, do so safely, while the most recent NHS Health Survey for England estimated that just 0.4 per cent of the adult population are problem gamblers.
“The tone of this announcement suggests Government is at risk of losing perspective of these facts, while simply dancing to the tune of anti-gambling prohibitionists, which serves no one.”
The post BGC RESPONSE TO DCMS MANDATORY LEVY AND ONLINE SLOTS STAKE LIMITS ANNOUNCEMENT appeared first on European Gaming Industry News.
Latest News
Playtech Extends Partnership with Bar One Racing through New Multi-Product Deal
Playtech announced the extension of its exclusive partnership with Bar One, which will see Playtech become the new provider for the Bar One digital sportsbook across the UK and Ireland. This partnership will also introduce Playtech’s world-leading full casino and live casino suite.
The new four-year deal builds on the successful partnership between the two companies which sees Playtech’s retail sports product across the entire Bar One retail estate, a longstanding relationship that dates back more than 10 years.
As part of the new agreement, Playtech will remain the exclusive provider of self-service betting terminals for Bar One. This will support Bar One’s impressive recent growth fuelled by upgrading their entire estate in Ireland. As leaders in this field, Playtech will continue to provide market-leading sports betting software to meet the increasing demand for a digital betting experience from customers in retail betting shops.
Yori Arami, VP Sports Commercial at Playtech: “Bar One has become a driving force in Ireland and we are excited to build on our successful partnership to help them grow further. Our software performance has made this ongoing partnership possible, and the new Digital Sportsbook and Casino proposition further increases the collaboration between the two companies. We are set on progressing plans to provide a customer centric roadmap for the years ahead, as we continue to develop new technologies aimed at improving and maximising performance in the digital and the retail space.”
Barney O’Hare, CEO of Bar One: “We are very pleased to extend further our important relationship with industry leader Playtech. With a full and recent upgrade and digitalisation of our entire Retail estate we have installed brand new sports terminals which form a key part of the future success of our company. We are very excited to also now bring the best Digital Sportsbook and Casino product to our customers and look forward to the success this partnership will undoubtedly bring.”
The post Playtech Extends Partnership with Bar One Racing through New Multi-Product Deal appeared first on European Gaming Industry News.
-
Latest News3 months ago
BlueOcean Gaming Wins Best Aggregator 2024 Award at SiGMA East Europe Awards
-
Latest News3 months ago
EGT’s bestseller Bell Link with another great success: Its bells are now ringing in the Czech market
-
Latest News3 months ago
BOS/The Swedish Trade Association for Online Gambling commissions Advisense to strengthen efforts against money laundering
-
Latest News2 months ago
MIRACL partners with Continent 8 to offer its single-step passwordless MFA solution to simplify the login experience
-
Latest News3 months ago
Applications invited to become safer gambling charity for 2025 editions of ICE, iGB Affiliate and iGB L!VE
-
Latest News2 months ago
ACR Poker’s OSS XL Exceeds Guarantee With Over $46 Million In Prize Pools
-
Latest News2 months ago
Match of LeGGends: Double Down. Highlights of the show match between NAVI and Team Vitality
-
Latest News2 months ago
FBMDS and FBM Foundation host solidarity keepy-uppy initiative at G2E Las Vegas 2024
You must be logged in to post a comment Login