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PGCB Reports $3.38 Million in Tax Revenue from First Full Year of Regulated Fantasy Contests

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PGCB Reports $3.38 Million in Tax Revenue from First Full Year of Regulated Fantasy ContestsReading Time: 2 minutes

 

The Pennsylvania Gaming Control Board posted on its website the monthly Fantasy Contests Revenue Report which includes totals from the first full year of the Commonwealth’s collection of taxes on the play of these games.

The amount of revenue generated through the play of fantasy contests in the first 12 months of operation in Pennsylvania was $22,542,688.  That generated $3,381,403 in tax revenue for the Commonwealth.

Beginning last year, Fantasy Contest Operators in Pennsylvania were required by Act 42 of 2017 to be licensed by the Board and to pay a 15% tax on the adjusted revenues derived from Pennsylvania players.

The report on the Board’s web site, https://gamingcontrolboard.pa.gov, provides a breakdown on fees collected from the play of Pennsylvania participants, the Fantasy Contest Operators’ adjusted revenue, and tax revenue collected by the Commonwealth.

Fantasy Contests adjusted revenue and tax revenue for each of the providers for April 2019 and for the 12-month period is displayed in the following tables:

Fantasy Contests Provider

April 2019 
Fantasy Contests
Adjusted Revenue

April 2019

Fantasy Contests

State Tax Due

DraftKings

$845,553.33

$126,833.00

FanDuel

$961,867.32

$144,280.10

DRAFT

$23,348.60

$3,502.29

Yahoo Fantasy Sports

$15,864.70

$2,379.71

Sportshub Technologies

$3,627.45

$544.12

Fantasy Draft

$1,918.83

$287.82

Boom Fantasy

$371.38

$55.71

Fantasy Football Players Championship

$0.00

$0.00

Full Time Fantasy Sports

$0.00

$0.00

Total

$1,852,551.61

$277,882.75

Fantasy Contests Provider

May 2018 – April 2019 
Fantasy Contests
Adjusted Revenue

May 2018 – April 2019

Fantasy Contests

State Tax Due

DraftKings

$11,549,460

$1,732,419

FanDuel

$10,274,886

$1,541,233

DRAFT

$320,105

$48,016

Fantasy Football Players Championship

$184,932

$27,740

Sportshub Technologies

$114,812

$17,221

Fantasy Draft

$41,103

$6,165

Yahoo Fantasy Sports

$28,128

$4,219

Full Time Fantasy Sports

$16,095

$2,414

Boom Fantasy

$12,785

$1,918

FASTPICK.COM*

$381

$57

Total

$22,542,688

$3,381,403

* Withdrew as a PA Operator

 

About the Pennsylvania Gaming Control Board:

The Pennsylvania Gaming Control Board is tasked to oversee all aspects of the state’s casino industry, including sports wagering offered currently at eight locations. The oversight also includes other new gaming initiatives, expected to be launched in the coming months, which were created through Act 42 of 2017, an amendment to the Race Horse Development and Gaming Act.

The Commonwealth’s casino industry currently consists of 10 stand-alone and racetrack casinos in operation, along with the two smaller resort casinos.  These facilities collectively employ over 16,000 people and annually generate approximately $1.4 billion in tax revenue from slot machine and table games play. The largest portion of that money is used for property tax reduction to Pennsylvania homeowners.

Additional information about both the PGCB’s gaming regulatory efforts and Pennsylvania’s gaming industry can be found at gamingcontrolboard.pa.gov. You can also follow the agency on Twitter by choosing @PAGamingControl.

Source: Pennsylvania Gaming Control Board


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: PGCB Reports .38 Million in Tax Revenue from First Full Year of Regulated Fantasy Contests

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Tequity and iBankroll forge strategic partnership

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Tequity, the technology partner behind some of the industry’s most scalable and customisable gaming solutions, has announced a strategic partnership with iBankroll that brings together two complementary engines of operator growth: high-performance Originals content and a liquidity support solution designed to remove exposure and empower operators to scale responsibly.

The partnership reflects a shared ambition to help operators overcome both creative and capital constraints. Through iBankroll’s Bankroll-as-a-Service solution, partners gain access to Tequity’s modular Remote Game Server (RGS) and its expanding portfolio of fully customisable Originals – a suite of provably fair, streamer-friendly, brandable titles engineered for next-generation engagement.

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Hayden Bowman, Co-Founder of iBankroll, added: “Tequity’s engineering expertise, scalable infrastructure, and standout Originals portfolio make them an ideal partner. Bringing their technology together with our Bankroll-as-a-Service gives operators a compelling foundation to grow, innovate, and future-proof their business.”

The post Tequity and iBankroll forge strategic partnership appeared first on Gaming and Gambling Industry Newsroom.

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ENJOY expands distribution through SoftGamings partnership

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Collaboration marks a key step in ENJOY’s ongoing growth strategy

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The post ENJOY expands distribution through SoftGamings partnership appeared first on Gaming and Gambling Industry Newsroom.

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Pragmatic Play, a leading content supplier to the iGaming industry, unleashes a thunderous new entry in its iconic Greek Gods series with Fortune of Olympus – an electrifying 7×7 cluster-pays slot charged with random multipliers, dynamic special bets, and a 10,000x max win.

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On any spin, mighty multiplier symbols worth 2x-500x can strike the grid. When multiple multipliers hit, their values combine and detonate into a single, supercharged payout at the end of the tumbling sequence.

Landing 4-7 scatter symbols triggers the bonus game, awarding 15-30 free spins. During this striking feature, every multiplier that appears is added to a growing total multiplier, which is applied to all subsequent wins in the round, building tension and potential with every spin.

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The post PRAGMATIC PLAY STRIKES GOLD WITH FORTUNE OF OLYMPUS appeared first on Gaming and Gambling Industry Newsroom.

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