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Pennsylvania Gambling Expansion Nears $400 Million for the State in First Year

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Pennsylvania Gambling Expansion Nears $400 Million for the State in First YearReading Time: 2 minutes

 

Upfront licensing fees a short-term boon for state coffers, but revenue from gamblers will still have to wait, says PlayPennsylvania.com

 

Gambling has injected more than $385 million into Pennsylvania coffers in the first year since a law was passed to expand gambling in the state, surpassing state budget estimates. Upfront licensing fees for casinos, online casinos, and sportsbooks, as well as mini-casino auction profits and tax revenue from lottery expansion and daily fantasy sports, have combined to net Pennsylvania more than $1 million a day since late 2017, according to a recent analysis by PlayPennsylvania.com.

“The most notable aspect of the significant revenue that has been generated is that this is almost completely from fees, rather than tax revenue gained from gamblers,” said Jessica Welman, analyst for PlayPennsylvania.com. “Clearly there is enough interest in Pennsylvania’s enormous market so far to generate the fees.”

The revenue estimates were tabulated by PlayPennsylvania.com using a combination of official statistics and estimates based on iLottery, keno, and virtual sports sales numbers. A detailed accounting of the revenue generated so far can be found at playpennsylvania.com/revenue.

Using return-to-player rates of the games, PlayPennsylvania estimates that the state has collected more than $23 million in revenue from online lotto games ($19.6 million), keno ($3.6 million), and virtual sports ($87,000) through October.

Other sources of revenue so far from the law include:

  • Mini-casino auction profits, $128 million
  • Interactive gaming petitions, $94 million
  • Casino licensing, $78 million
  • Sports betting petitions, $60 million
  • Daily Fantasy Sports tax revenue, $1.4 million

By comparison to the gambling expansion, the state collected $799.8 million in taxes from statewide slot revenues in fiscal 2017-18. Pennsylvania estimated in February that the state will generate more than $34 billion in general fund revenues for its 2018-19 fiscal year.

“If the point of the expansion was to fill short-term gaps in the state’s budget, then the expansion would have to be considered a success so far,” Welman said. “We believe that the gambling expansion will eventually prove to be a winner for the state’s budget, but the long-term picture is less certain. More casinos and sportsbooks must open before we get a clear picture of whether Pennsylvania’s relatively steep tax rates and license fees will produce the desired outcome.”

With the November opening of the sportsbook at Hollywood Casino at Penn National, the rollout of sports betting is just beginning in Pennsylvania. More openings are expected in December and January, too.

In addition, Pennsylvania should begin adding revenue from online gambling in early 2019, and further down the line, mini-casinos should enter the fray.

“The addition of retail sports betting should help buoy a slowing Pennsylvania casino industry,” said Dustin Gouker, lead sports betting analyst for PlayPennsylvania.com. “If New Jersey is any indication, though, the more significant revenue generator will be online sports betting. A successful rollout there should generate millions of dollars in tax revenue for the state.”

 

About The PlayUSA Network:
The PlayUSA Network and its state-focused branches (including PlayNJ.com, PlayNY.com, PlayPennsylvania.com, and PlayCA.com) is a leading source for news, analysis, and research related to the market for regulated online gaming in the U.S.

 

Source: PlayPennsylvania.com


Source: Latest News on European Gaming Media Network

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BetConstruct secures ADM approval for Italian market

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BetConstruct made it to the licensing list of the Italian Agenzia Dogane Monopoli.

BetConstruct continuously expands its operations to the regulated markets. In 2018 they got licensed to provide gaming products of well-known MGA-Licensed casino providers, secured Remote Operating Licence from the UKGC for their Live Casino, got their Retail Solutions licensed in Romania. And the list of the achievements goes on.

Recently the Italian Gaming Regulator has published the name-list of the new licensees and Vivaro Limited, trading as BetConstruct, was featured there.

To help their partners to enlarge the coverage of their operations worldwide, the team at BetConstruct aims to further expand to such markets as the USA, Denmar, and Sweden.

 

About BetConstruct

BetConstruct is an award-winning developer and provider of online and land-based gaming solutions with development, sales and service centers around the globe.

BetConstruct’s innovative and proven offerings include an extensive range of products and services, including Sportsbook, Sports Data Solutions, Retail Solutions, RNG & Live Dealer Casino, VR Casino, Poker, Skill Games, Fantasy Sports, Social Platform and more. The latest addition is the industry-first complete management infrastructure, SpringBME (Business Management Environment).

All partners benefit from the BetConstruct Spring platform with its powerful back office tools and all-inclusive services that empower operators’ growth and help contain their costs. From stand-alone set up to turn-key and white label solutions, BetConstruct offers its partners unfettered opportunity to succeed.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: BetConstruct secures ADM approval for Italian market

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Delaware igaming industry performs well in January

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Delaware igaming industry performs well in JanuaryReading Time: 1 minute

 

The Delaware Lottery’s financial results have shown that igaming performed robustly on the financial front in January 2019, by posting a 57.9 per cent increase in revenues year-on-year.

Revenue rose to $279,541 (£217,970/€247,999), showing a 11.2 per cent month-on-month from December last year.

Players wagered $7.4m across the state’s three licensed igaming sites in January 2019, which represented a 65.5 per cent year-on-year advance, but a 27.7 per cent fall from the $10.3m staked in December 2018. Players won a total of $7.2m during the month.

Video lottery accounted for $190,223.44 of total monthly revenue, a 68.0 per cent share, followed by table games, which contributed a further $66,982.14. Poker rake and fees, on the other hand, contributed just $22,335.51.

Player registrations also grew significantly in January, up 117.3 per cent to 578.

The majority of revenue was generated by Dover Downs, which saw its more than double from $48,215.61 in the prior year to $139,816.37, with 233 players registering to play over the month.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Delaware igaming industry performs well in January

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Move to privatise Holland Casino extended

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Move to privatise Holland Casino extendedReading Time: 1 minute

 

The move to privatise state-owned Holland Casino in the Netherlands has been postponed to 2020. The country’s justice minister Sander Dekker cancelled the vote for privatisation because of many objections that the measure suffered in the Senate.

The Financieele Dagblad said that senators are concerned about the fact that privatised casinos may encourage gambling and are worried about the way that the government was planning to proceed with the privatisation process, Dutch News informed.

The original plan included the selling of 10 of the 14 branches under the Holland Casino name, while the other four locations would be sold as a group. The cabinet from the Netherlands is also considering opening up the casino market to new providers and offer two licences.

Justice minister Dekker has until June to come up with a new proposal, present it to the senate and gain backing. “We may adapt the law, withdraw it altogether or go for a vote after all,” Dekker said in a note to senators.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Move to privatise Holland Casino extended

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