Pennsylvania Gambling Revenue Breaks Fiscal Year Record

Pennsylvania Gambling Revenue Breaks Fiscal Year Record

The Keystone State continues to live up to its name for the gambling industry. Although the past fiscal year has been a solid one for many US casinos, the Pennsylvania gambling revenue figures for the past fiscal year are definitely something for casinos in the state to celebrate.

For the first time ever, gross gaming revenue across all segments of the industry in Pennsylvania topped $5 billion in a fiscal year. Both online and physical casinos proved vital contributors to that unprecedented mark, too.

Pennsylvania gambling revenue soars to annual record

PlayPennsylvania reported Tuesday that the fiscal year ending in June 2022 saw gross revenue eclipse that $5 billion threshold. The previous fiscal year saw just $3.8 billion in total gross gaming revenue, meaning the total jumped nearly a quarter year-over-year.

Sports betting, both in-person and online, accounted for about 10.2% of that total. Altogether, the state collected around $2.4 billion in tax dollars during the year. Pennsylvania has some of the highest revenue sharing rates in the country, including 36% (34% to the state and another two percent in local assessments) on revenue from slots plus a 34% levy on sports betting.

That high assessment on slots is a sly move by Pennsylvania, as once again, slots were the biggest driver of the revenue record.

Online, physical casinos prove the heavyweights

FY2021-22 was a record period for revenue for Pennsylvania online casinos and brick-and-mortar casinos, too. Online casino and online poker revenue topped $1 billion in a fiscal year for the second consecutive such period. FY2021-22 did represent an increase of 35% from the previous fiscal year, though.

In-person casino games proved even more lucrative. The fiscal year saw a record amount of table game revenue. The time-honored tradition of feeding slot machines still proved even more popular in FY2021-22.

In fact, slots from both online and physical channels accounted for $3.6 billion of the $5 billion total. Simply put, Pennsylvanians love their slot games, whether playing them on their phones or inside a physical casino. Thanks to all the tax revenue, the state’s coffers are amenable with slot games as well.

Author: Tyler Gutierrez