The state of Pennsylvania has broken the previously set records of gambling tax revenue.
The state announced that, for the financial year 23/24, it collected a massive $2.54 from the taxation of registered operators.
Gambling in the state has steadily increased over the last few decades from the millions to the billions of dollars.
Pennsylvania takes in $2.45bn in tax revenue
According to a recent release from the PCGB, the tax figure results are from “record combined revenue generation of over $5.89 billion from casino slot machines and table games, iGaming, sports wagering, video gaming terminals (VGTs) and fantasy sports contests.”
The Keystone State’s overall revenue from casino gaming, iGaming, and sports wagering for the financial year was $5.89 billion.
Last year’s takings were no small amount, with $5.5 billion in overall gambling revenue state-wide and $2.36 billion in the coffers due to tax revenue.
The Pennsylvania Gaming Control Board (PGCB) monitors the state’s gambling. This involves “17 land-based casinos, online casino games, retail, and online sports wagering, and Video Gaming Terminals (VGTs) at qualified truck stops, along with the regulation of online fantasy sports contests,” according to a recent release.
PGCB tithe for gambling operators in the state is returned to Pennsylvanians in a number of ways. An example of this return can be:
- school property tax reduction on an owner’s primary residence
- state, county, and local economic development, safety and recreational projects
- support of the agricultural industry through support of horse racing
- revenue toward the Commonwealth’s General Fund
The state has a wide range of sports teams with associated gambling partners and many fervent fans. As the NFL season starts to kick into full gear, the state will be gearing up to keep its gambling revenue healthy.
Sports teams in the state with a massive following are
- Philadelphia Phillies
- Pittsburgh Pirates
- Philadelphia 76ers
- Philadelphia Eagles
- Pittsburgh Steelers
- Philadelphia Flyers
- Pittsburgh Penguin
- Philadelphia Union
Pennsylvania looks set to put the dollars earned back into the state and there is no shortage of opportunities for those who like a game of chance.
Image: Pixlr.
