Pennsylvania Online Sports Betting Industry is Growing
The sports betting industry in the US is estimated to be one of the largest betting markets in the world. Both in-person and online wagering handles have been increasing since 2018, when states started regulating the sports gambling industry. Online sportsbooks are also flourishing. Finding out the answer to the question “how does a pay per head work?” is now easier as the bookie industry is now more popular than ever. In the US, each state that legalizes sports betting will have their own sets of policies. Their laws will have different amounts on taxes to be collected. They will also have different limits on what type of wagers you can make, and how you make them. Some states will only allow in-person betting. While others will be open to online betting. The Pennsylvania online sports betting market certainly proves that online sports betting should be considered in sports betting laws across the country.
Pennsylvania initially raised a lot of eyebrows with their law on sports betting. Their regulations are a bit more complex if you compare them to other US states. In addition, the tax rates are higher than others as well, with a steep 36% tax on revenue. But this does not seem to faze the gambling industry, as September’s handle is 78.4% higher than the previous month.
Pennsylvania Online Sports Betting
The Pennsylvania Gaming Control Board has released the numbers for September. The state sets a new record for the total monthly gross handle which is at $194.5 million. With the help of betting software, online sports betting has contributed $158.1 million. The $158.1 million for September is a huge leap from August’s $83.2 million. Online sports betting takes up majority of the betting handle for sports betting for the period covered. And with sportsbook software solutions offering an easy way to managing a sportsbook, getting into the business is now made easier and more affordable.
Naturally, the betting industry in Pennsylvania will be compared to neighboring states such as New Jersey. Like its neighbor, Pennsylvania could also tap a betting market from other neighbor states that do not offer sports betting yet. This can also lead to higher profits for the keystone state.
Not all feedback is good, however. Chris Christie, New Jersey’s former governor and a huge proponent to the PASPA repeal in 2018 thinks that Pennsylvania’s policies are too limiting. The problem lies in terms of participation, and the gambling options are a bit limited as well. For now, though, the state is enjoying a huge bump in its numbers. They are optimistic in the continued growth of the local sports betting industry in the Northeast.