With revenue approaching a record $5.2 billion in 2022, it will be interesting to see what heights the casino industry in Pennsylvania could reach in 2023. Pennsylvania draws more tax revenue from legalized gambling than other states in the U.S., and much of it comes from its online casinos.
Mini-casinos and non-traditional sports betting venues
In February 2022, a Parx sportsbook opened at a Chickie’s & Pete’s restaurant/bar in Chester County. This was the first non-traditional venue in the state for taking sports bets. Parx is presently working on a mini-casino with 500 slot machines in Shippensburg, Cumberland Country. It is expected to open in February. With other PA online casinos and sportsbooks expected to open in 2023, the state shouldn’t have any difficulties exceeding its 2022 revenue.
More online casinos and sportsbooks to come
With the gaming industry’s growth, more online casinos and sportsbooks are likely to be launched in 2023. In the annual report by the gaming board, it stated that there could be ten more online casinos coming to Pennsylvania to join the present 18 operators. More sportsbooks could also join the 14 currently available. The gaming board issued a license to WynnBET in December last year, but this major national operator hasn’t announced a launch date yet.
Why is Pennsylvania attractive to operators?
Pennsylvania may apply high tax rates but operators find it attractive because casinos and sports betting are legal in the state and it has a large population. PA sports betting launched in 2019, and the sports betting market is one of the largest in the US. Nearly 90% of betting on sports in the state takes place online. Top sportsbooks provide PA bettors with mobile betting apps, solid bonus offers, various betting lines, and payment options.
The convenience of online casinos
Safety, convenience, and access are some of the main benefits of online casinos in Pennsylvania. Learning more about the origins of arcade games shows they had a golden age from the late 1970 to mid-1980. Today the majority of gamers prefer to play games online from home than to play arcade games.
The new application process for “qualified gaming entities”
The Pennsylvania gaming board is now accepting gaming applications from “qualified gaming entities.” These entities can obtain iGaming certificates even if they don’t have a relationship with a Pennsylvania-based casino. The certificates cost $4 million and allow them to offer online slots and table games. The application period will run from early January to early March.
As each land-based casino can only have one sports betting license, the growth potential for online sports betting is limited. Sports betting often receives more attention, but it is online casinos that generate the most revenue for operators.
iPoker Interstate agreement
Residents in Michigan, Nevada, New Jersey and Delaware can take part in the same iPoker games and tournaments thanks to an interstate agreement. Pennsylvania hasn’t taken any action yet to join the multi-state compact. It is still expected to do so at some point.