States where online sports betting and online casinos are legal continue to see revenues increase during these uncertain times.
Both New Jersey and Pennsylvania saw their total gambling revenues go up in the month of September.
This is no small feat considering that more players are choosing to stay home and land-based casinos are consistently seeing revenue numbers fall due to COVID-19 restrictions.
Pennsylvania saw a large increase in the amount in online gamblers during September. While total revenue compared to the month of August was down, it was slightly up compared to September 2019 - $281.2 million in 2019 to $$284.2 million in 2020.
Due to all land-based casinos closing for three months, and ongoing capacity restrictions due to the coronavirus pandemic, total revenues in the gambling industry are down overall. However, there is no doubt that without the legalization of online casinos and sports betting the impact would have been much worse for PA.
In fact, PA saw record breaking numbers in particular in their iGaming industry. To compare to September 2019, the iGaming industry in PA took in a total revenue of $4.1 million. This year for the month of September, the same industry in the same state surpassed all expectations with a whopping $57 million in revenue. That’s an increase of nearly 1,300%!
Meanwhile, the state of New Jersey also saw an increase in total revenue thanks to their iGaming and sports betting industries. Total revenue for gambling in the state was at $323.4 million for the month of September, an increase from 2019 at $303.5 million.
A large part of this was thanks to the return of sports games, as sports betting amounted to a large amount of this increase.
But the online casinos are also still expanding their market across the state, and this too saw exponential growth in total revenues. Online casinos in NJ saw a 113% increase in revenues on a year-to-year comparison, in fact taking in an extra $46.5 million this past September compared to September 2019.
State revenues continue to suffer due to the continued pandemic amid restrictions in place and people choosing to stay home more. And as we all know, drastic times call for drastic choices. This means that either states must choose to find new means to increase revenues, or they will be forced to make cuts to important programs like education and local governments.
Likewise, we are already seeing a resurgence in lockdowns and quarantines going into place across the country. States like Illinois are seeing huge losses in tax revenues, $200 million, due to COVID-related restrictions. And with no vaccine timeline, there is currently no end in sight.
Because of this, it’s not surprising that several states are starting to give online sports betting and iGaming another look. As Michigan and West Virginia now join the ranks of online gambling with New Jersey, Delaware, and Pennsylvania, the biggest question on everyone’s mind is “Who’s next?”
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