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The Keystone State has had a record-breaking year in terms of gaming revenue. According to the Pennsylvania Gaming Control Board, the state’s casino industry raked in a total of $3.7 billion in revenue in 2022. This marks a 23% increase from the previous year’s revenue and is the highest annual gaming revenue ever recorded in the state. The impressive growth of the gaming industry in Pennsylvania can be attributed to several factors.
Online gaming drives growth
Online gaming has been a significant driver of the industry’s growth. Pennsylvania legalised online gambling in 2017, and since then, the industry has exploded. In 2022, online gaming revenue in Pennsylvania reached $1.7 billion, representing a 72% increase from the previous year. This surge in online gaming revenue has been largely driven by the COVID-19 pandemic, which forced many gamblers to seek online options when physical casinos were closed.
Sports betting is on the rise
Another factor that has contributed to the growth of the gaming industry in Pennsylvania is the increasing popularity of sports betting. The state legalized sports betting in 2018, and since then, it has become a significant revenue source for the industry. In 2022, sports betting revenue in Pennsylvania reached $1.1 billion, representing a 37% increase from the previous year.
New Casinos Enter the Market
The entry of new casinos into the Pennsylvania gaming market has also contributed to the industry’s growth. In 2022, Live! Casino Pittsburgh opened its doors to the public, becoming the state’s 14th casino. The new casino has a 100,000-square-foot gaming floor, a sportsbook, and a wide range of dining options. Its opening has not only created job opportunities for local residents but has also increased competition in the industry, leading to more revenue for the state.
The Future of the Pennsylvania Gaming Industry
The future of the Pennsylvania gaming industry looks bright, with several developments in the pipeline. For instance, the state is considering legalising online poker, which would open up more revenue streams for the industry. Additionally, the entry of more casinos into the market could also boost revenue in the coming years.
Conclusion
The 2022 financial results for Pennsylvania’s gaming industry are impressive, with record-breaking revenue figures. The industry’s growth can be attributed to the legalisation of online gambling, the increasing popularity of sports betting, and the entry of new casinos into the market. The future of the industry looks promising, with plans to legalise online poker and the possibility of more casinos opening up. The Keystone State is poised to become one of the biggest players in the gaming industry, providing a significant boost to its economy.
