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Fiona Simmons July 19, 2022 2 min read
Pennsylvania Gambling Revenue on Track to Hit $5B in 2022
Pennsylvania’s gaming industry is on a firm path to recovery with gambling establishments not only exiting the pandemic doldrums but beating all expectations. Gaming brought in $3.2 billion in 2018 when the industry was officially launched, but it’s now set to surpass $5 billion according to a new Allegheny Institute for Public Policy report.
New Report Has Big Hopes for Pennsylvania GGR
This would mean that Pennsylvania is set to bag $2 billion from the industry this year, Allegheny Institute executive director Frank Gamrat argues pulling the data from publicly available records and extrapolating for 2022.
The report’s findings and forecasts are based on the Pennsylvania Gaming Control Board’s public recording of tax and revenue the state has been accumulating over the years. While the economy has not made a significant improvement, Gamrat also argued that it had not been degrading, providing casinos with buoyant clientele and the opportunity to drive even better revenue. Commenting for the media, Gamrat said:
One thing to consider is that it’s the discretionary money that are using to gamble with. As long as they have discretionary money they’ll keep gambling.Allegheny Institute executive director Frank Gamrat
Pennsylvania’s present-day success in generating revenue could be attributed to the expansive legislation the state passed back in 2019 when gambling became legal in full, and the state saw online casinos, interactive wagering and other segments launch. At the time, entry into the state had a high askance price and there was no shortage of candidates looking to join.
The Economy Remains a Constant Encouraging Spending
Gamrat said that between 2011 and 2019, the industry has generated only $3 billion a year in total revenue, but this could now change if Pennsylvania sets a new record with the projected $5 billion, collected from all forms of gambling. Of course, competition from neighboring states has suppressed these prospects, but still, Pennsylvania is successfully running a high revenue on slot machines, which now account for 70% of the gaming revenue.
“The gaming industry does not have the spinoff effects as does a factory, as does an office building,” Gamrat argued and added that casinos are designed in a clever way to encourage spending.