Pennsylvania is home to one of the largest gambling industries in the United States. Unfortunately, this industry has been suffering due to the events unfolding around the world. Most recently, the state-ordered casino shutdowns have led to a major dip in PA’s gambling revenue.
Now is a perfect time to talk about how much money the casinos in Pennsylvania have lost recently. It’s been a tough past few months for the gaming companies operating here.
Let’s take a look at what exactly is going on here.
Will the Casino Industry in Pennsylvania Close Down Again?
Back in March, the entire US casino industry experienced something unprecedented. Due to the global pandemic, state leaders forced all of the casinos around the country to shut their doors. This was devastating in the areas that rely on these casinos for money and employment.
Places like Las Vegas certainly fit that bill. As most know, this is the world’s largest casino destination. It relies heavily on its tourism industry, which all but stopped completely when the casinos were forced to close their doors.
It took months for the casinos in the city to reopen. When they did, these venues were met with extremely low tourism figures. Even today, nearly a year after the casinos were forced to close, tourism figures in Las Vegas remain low.
Smaller gambling hubs like Pennsylvania felt the effects of these regulations, too. The casinos here were finally able to open again over the summer. In December, state leaders once again forced the casinos to shut their doors. They have since reopened.
Some fear that the casinos in this state may be forced to shut down once again. An order like this one could have irreversible effects on the gambling industry here. Fortunately, this has not yet been mandated by any state leaders.
We’re now beginning to hear just how devastating 2020 was for the gambling companies in this state. Here’s a look at how badly these companies were hurt.
PA’s Gambling Revenue Dropped by 20% Last Year
Every single state has been experiencing drops in gambling revenue over the past twelve months. Some are seeing larger dips than others. We are now beginning to hear how much money the different gambling platforms over in Pennsylvania managed to bring in during 2020.
According to new reports, PA’s gambling revenue fell by an astounding 20% over the course of the year. That is when compared to 2019. Certain gambling options here managed to perform better than others.
The state’s casinos, sports betting operators, and DFS platforms managed to bring in $2.65 billion throughout 2020. That’s a significant drop from the $3.5 billion earned in 2019. Obviously, the gaming industry operators here has reason to be concerned.
Pennsylvania’s casinos themselves brought in $2.4 billion in 2020. Fortunately, the state’s online casino platforms have helped to make up some of the losses. These internet casinos actually saw an increase from just $34 million in 2019 to an incredible $566 million in 2020.
As you might expect, the gambling companies here are focusing more on their online gambling platforms. This is the safer industry at this stage for these companies. Hope is that we see the land-based casinos here experience larger revenue increases over the next six months.
It’s a very interesting time for the entire country’s casino industry. Sports betting is helping to bring many states, including Pennsylvania, some much-needed revenue right now. Which states will we see legalize and regulate this form of gambling in 2021?
More States Plan to Regulate Sports Betting in 2021
It’s been amazing to see how quickly the US sports gambling industry has grown in just a few short years. It wasn’t until 2018 that states were legally able to provide sports betting options. Now, less than three years later, more than half the country has a regulated sports betting industry up and running.
Even states with a historically anti-gambling stance over the years are beginning to embrace this industry. That includes places like North Carolina and New York. Officials here can’t ignore the massive revenue potential industry any longer.
It appears that several more states are set to legalize sports betting in 2021. This is likely to be the biggest year for the industry so far. We could see some of the most populated states in the country finally embrace this industry.
Many are hopeful that California decides to embrace the sports betting industry this year. For years, state leaders and tribal casino owners have been negotiating on a way to allow sports gambling. There seems to be some progress being made and many are excited to see things come together.
Oklahoma is in a similar position. This state is home to a massive number of tribal casinos. State officials are actively working with the owners of these venues on ways to offer legal, regulated sports betting options.
PA’s gambling revenue is already increasing thanks to the state’s sports betting platforms. Which states do you think will legalize this industry in 2021? Let us know in the comments section below!