Pennsylvania made over $250 million in Gambling Fees Alone
Since Pennsylvania expanded its gambling bill and sports betting became legal, many changes have taken place within the state. The biggest ones are that it legalized 10 satellite casinos, online gambling, daily fantasy sports and sports betting. Today, a report came out that Pennsylvania made over $250 million in Gambling Fees Alone from its gambling expansion.
This is a big win for Pro-Gambling expansion lawmakers who believed it was the best way to fix the state’s deficit. In addition, more good news is expected from the gambling industry in Pennsylvania in the near future. This is because other then the online lottery, Pennsylvania has not taken a single bet from its gambling expansion.
Thus, when the doors to its satellite casinos, online gambling and sportsbooks open, Pennsylvania expects more revenue in its pockets. In addition, many sportsbook Operators are still looking to enter the PA market by partnering with licensed casinos in Pennsylvania.
Where is the Money coming from?
According to Sportsbook Pay Per Head giant, PricePerPlayer.com, Hollywood Casino is probably the biggest satellite casino recipient. This is because in order to keep competitors from establishing a foothold, Hollywood Casino purchased the first 10 satellite casino licenses. Thus, Hollywood Casino paid a total of $50,100,000 which is $7.5 Million more than the minimum bid.
In addition to the satellite casino licenses, Pennsylvania also offers several min-casino licenses which were a huge success. This is because they earned close to 127 million in mini-casino license fees.
Here is the breakdown from the gambling license fees earned by Pennsylvania so far:
- Penn National (Hollywood Casino): $50,100,000
- Stadium Casino: $40,100,005
- Mount Airy: $21,188,888.88
- Parx: $8,111,000
- Penn National (Hollywood Casino):: $7,500,003
Internet Gambling is well and alive
Once again, iGambling popularity shows it is a force to be reckoned with because of its huge success. Despite the 54% last minute tax increase on online slot machines, PGCB managed to sell 11 online gambling licenses.
Nine of those licenses were sold to state casinos while the remaining two were sold to Mohegan Sun ad Presque Isle Downs.
Here is Pennsylvania Online Gambling License Breakdown:
- Parx: $10,000,000
- Stadium Casino: $10,000,000
- Mount Airy: $10,000,000
- Hollywood Casino: $10,000,000
- Valley Forge: $10,000,000
- Harrah’s: $10,000,000
- Rivers: $10,000,000
- SugarHouse: $10,000,000
- Sands Bethlehem: $10,000,000
- Presque Isle Downs: $8,000,000
- Mohegan Sun: $12,000,000
Sports Betting an Expensive Endeavor
Despite the heavy taxes on sports betting in Pennsylvania, at least two casinos so far have bought a license. Thus, Penn National and Parx have agreed to the 35% tax revenue on sports betting and a $10 million fee.
Overall, the gambling expansion has been a huge success for Pennsylvania. In addition, when all of these new gambling expansions actually go live, it will mean an even bigger success.