- The fiscal year of July 1st to June 30th reached $5,042,967,392 in revenues.
- The year marks the first time the industry surpassed the $5 billion mark.
- The previous high was $3.87 billion.
The Pennsylvania gambling industry is booming.
The state’s Gaming Control Board has just issued the 2021/2022 Fiscal Year report, showing that well over $5 billion in revenues was generated for the year. This is a huge milestone for the state and the first time that $5bn mark has been reached. Combined tax revenues came in at over $2 billion, another first for operators.
The new high was a major jump from the previous fiscal year record. In 2020/2021, the industry hit $3.87 billion. For the most recent year, the increase is attributed to table games revenues at last-based venues plus online gaming, sports betting, and video lottery terminals.
Breakdown of Earnings Per Gaming Category
Let’s take a look at the individual categories of gaming and how they impacted the overall yearly revenue total. Starting with slot games, the total for the recent fiscal year was just over $2.4 billion. This is a big jump from the $1.8bn from 20/21.
Table games were up as well, jumping from just over $721 million to over $1 billion in earnings. Players really took to table games this past year and the increase in participation helped to boost overall revenue totals.
Sports betting saw a slight increase, going from $308 million to $315 million for the fiscal year. Video lottery terminals also saw gains, reaching $41 million, around $10 million more than the previous year. Fantasy sports unfortunately saw a dip in earnings. Last year, the total came in at over $28 million and this year, the industry dropped to $27 million.
Online Gambling Still Growing
Online gambling continues to be a huge revenue driver for the state. The industry first launched in 2019 and the first fiscal year brought in just over $240 million in earnings. Jump to the next year, and the totals were even larger, at over $897 million. This past year, the industry was boosted even further, reaching well over the $1.2 billion mark.
It is expected that the online industry will only continue to thrive as it is a more convenient gaming option than visiting a physical casino. Players can easily log online from anywhere in the state to play games, be it slots, video poker, table games or other options.
Online gaming, plus the retail table games and slots created over half of the overall revenue earnings. It will be interesting to see if that trend continues in the next fiscal. There is no doubt that each category will continue to contribute the higher gains for the industry as a whole.
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