LAS VEGAS, March 28, 2017 /PRNewswire/ -- Pennsylvania will generate hundreds of millions of dollars in new tax revenue should the state pass legislation to legalize and regulate online casino games and poker, according to the recently released white paper by PlayPennsylvania: "Pennsylvania Online Gaming Revenue: A Billion-Dollar Opportunity."
For the five-year period from 2018 through 2022, Pennsylvania is projected to add around $426 million to state coffers from legal, regulated online casino games and poker through upfront license fees, revenue taxes, and renewal fees, according to the report, which was authored by Robert DellaFave, Senior Analyst for PlayPennsylvania.
In all, Pennsylvania will generate some $230 million in total revenue in the first full year after legalization and regulation. Annual revenue is projected to grow to $364 million by 2022, with the majority of the revenue will be generated by new customers rather than siphoning off revenues from existing casinos. The findings are consistent with the performance of New Jersey's legal online casino market.
"Pennsylvania's casino industry is beginning to show a few chinks in the armor. Revenues are slipping," DellaFave said. "Online gambling in New Jersey helped Atlantic City reverse course, and will prove even more effective at facilitating the growth of the Pennsylvania market.
"Going forward, online gambling will provide the state with a reliable source of recurrent tax revenue, that will scale consistently over the next five years," DellaFave added.
The Pennsylvania legislature has been inching closer to legalizing and regulating online casino games and poker. Last week, four Pennsylvania state senators introduced an online gambling and gaming reform bill, Senate Bill 524, which would legalize and regulate online gambling and daily fantasy sports.
For a summary of the Play Pennsylvania report, visit www.playpennsylvania.com/casino. To download a free copy of the full 14-page report, click on the link at the bottom of the page.
About The PlayUSA Network:
The PlayUSA Network is a leading source for news, analysis, and research related to the market for regulated online gaming in the United States. With a presence in over a dozen states, PlayUSA.com and its state-focused branches (including PlayNJ.com, PlayNY.com, PlayPennsylvania.com, and PlayCA.com) produce daily original reporting, publish in-depth research, and offer player advocacy tools related to the advancement of safe, licensed, and legal online poker and gaming options for consumers. Based in Las Vegas, The PlayUSA Network is independently owned and operated, with no affiliations to any casino — commercial, tribal, online, or otherwise.
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