Last week, the Pennsylvania Gaming Control Board posted the initial monthly report for sports wagering in the state. The only facility covered in the report is the Hollywood Casino at Penn National Race Course, as the time frame covered runs from November 15th until the 30th. The facility was the first to open in the state.
Breakdown of Wagers:
The report, which will be provided monthly by the Gaming Control board, covers several areas of the new sports betting industry. The total handle collected as well as taxes owed to the state and gross revenue are included in the numbers. During the sixteen-day time frame, the casino was able to see a handle of $1,414,586.55. After payouts, the adjusted gross for the venue was just over $508,000.
According to a recent press release…
Sports wagering during the two week time frame brought in just over $183,000 in tax revenues. State tax is 34% of the adjusted gross income, which came in at $173,058.84. A 2% tax on adjusted gross revenues, known as the Local Share Assessment, provided just over $10,000.
More Sports Betting to Come:
Hollywood Casino at Penn National Race Course was the first to launch sports betting in the state. Two more facilities began offering services in December, the Sugarhouse Casino located in Philadelphia and the Rivers Casino located in Pittsburgh. Next month, the report provided by the Gaming Control Board will include totals from these two facilities along with Hollywood Casino.
In 2017, Pennsylvania lawmakers decided to pass a gaming reform package that would expand the overall industry, including sports betting, online gaming, satellite venues and more. With the changes, the state has been able to bring in close to $400 million since late last year. The funds to the state came about via licensing for casino gaming, online gambling and sports books.