It is no secret that the global iGaming industry has seen massive gains during the COVID-19 pandemic. After all, with many countries and states across the United States having issued stay-at-home orders, this is the only way in which to access casino games safely.
Pennsylvania recently announced that online casinos in the state had reached new milestones. Over $1 billion was wagered on online slot games in the month of May, which was more than a $300 million increase from the April total. Table games also saw significant gains, with the increase totaling $150 million from April to May this year.
The Pennsylvania Gaming Control Board (PGCB) announced that the state had also seen a big increase in tax revenues from this gambling stream. Before the global crisis really took shape, the state had been earning about $24.9 million in tax from iGaming. However, in May, this total more than doubled to $55.8 million.
Other states where online gambling is legal, including New Jersey and Delaware, have seen similar gains.
iGaming Under Threat from Brick-and-Mortar Casinos Reopening?
With many states starting to loosen public activity restrictions, many casinos across the country have been given the go-ahead to reopen at limited capacity. Pennsylvania has been a little bit different. Brick-and-mortar casinos are only allowed to open if they are located in a county in the “green phase” of reopening.
Six casinos are expected to open sometime this week starting on 22 June. The state will be anxious to have these casinos up and running again. The revenue source brings in more than $1 billion of tax revenue each year.
Sports Betting Rebound Expected
Online sportsbooks have also started to make rebound following a tough few months. The pandemic saw global sporting events brought to a halt. The return of UFC and NASCAR saw revenues at two of the state’s biggest sportsbooks, FanDuel and DraftKings, increase by more than 68%.
The NBA and NHL expected to return sometime in July. So, these revenues are sure to see even greater increases in the coming weeks.
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