The gambling industry across the US has been steadily evolving for a long time now. With more states slowly coming around to the legalization of iGaming services, there are now more ways than ever to gamble in many states across the nation.
However, while Nevada has unsurprisingly always been a gambling Mecca, Pennsylvania rapidly turned itself into the second-largest gambling market in the US, partly through its progressive laws toward online gambling.
Despite this, there have been many other states that have now also embraced iGaming legislation. Here’s a look at the relative size of the major gambling markets now and how Pennsylvania fares amid all the competition they come with.
Overview of Pennsylvania’s Gambling Market
As much as states like Pennsylvania which have embraced iGaming have benefited greatly from the massive revenues they have brought in, many other states have lost out just as much from the outflows to offshore casinos. In states that have no iGaming laws in place, players there are forced to look offshore for less restrictive options. This has led to a booming industry that caters to this exact need.
Through the proliferation of no KYC casino sites that operate offshore, US players from various states are flocking to these platforms in droves. According to casino expert Andrew O’Malley, there are various sites like these available to US players that provide a safe haven for them to play. This is mostly due to the fact that they dispense with KYC checks, with some not even requiring any ID verification to play.
As they accept cryptocurrency as a payment method, these sites provide a more secure and private gambling experience. However, it also means states that can’t provide any local sites for players to use are losing out on all that revenue being kept in-state.
Early on, Pennsylvania proved to be different from the bulk of US states when it came to the issue of gambling regulation. Embracing a broad array of choices and betting activities, the state is able to cater to virtually any gambling need and has been raking in over $2.5 billion in gambling tax revenue for the 23/24 tax year as a result.
Between physical casinos, sports betting, and online gambling, reports from the Pennsylvania Gaming Control Board show massive expansion in iGaming. This growth is reflective of a broader national trend towards online gambling but is particularly pronounced in Pennsylvania due to its early and comprehensive regulation of this sector.
Comparison with Nevada
Despite record figures like this helping the state achieve a budget surplus, that surplus is already running out. In the meantime, Nevada still continues to have a massive edge overall. Nevada has also embraced online gambling to an extent. However, given the state’s fame for being the gambling state behind the globally iconic Las Vegas, its total gambling revenues from both physical and online platforms still eclipse Pennsylvania.
To put this into context, Nevada’s gross gaming revenue (GGR) was $1.28bn in June of this year alone. For the last fiscal year. Its GGR was a staggering $15.5 billion. Since 2020 and the shutdowns that virtually brought some of its most famous casinos to their knees, the state has been achieving record-setting revenues across virtually every significant metric.
Comparison with Other States
According to Visual Capitalist, in 2023, the total “commercial gaming industry” in the USA was worth a jaw-dropping $66 billion overall. More intriguing was the fact that the top 10 states accounted for over 70% of that figure. Among those states, according to the stats, in the last year, Pennsylvania has narrowly managed to hold onto second place as the second-largest gambling market in the US.
With total revenue of $5.9 billion for the year, the state narrowly beat out fellow US iGaming mecca New Jersey, which recorded gambling revenues of $5.8 billion during that same period. Next up was New York with $4.7 billion and Michigan with 3.6 billion.
Here’s how the balance of the top 10 lined up:
Ohio – $3.3 BillionIndiana – $2.88 Billion Louisiana – $2.5 BillionIllinois – 2.5 Billion Maryland – $2.5 Billion
These figures also represent some steady year-on-year growth for all of the top 10. While 8 of the states, save for Nevada and Louisiana, recorded double-digit figures for growth, Ohio was the clear winner in that respect as it recorded an increase of 42% in gambling revenue. With the likes of New Jersey catching up to Pennsylvania fast, time will tell which of the two will finish this year as the second-largest gambling market in the US. For now, Nevada remains the undisputed King in that regard.
Conclusion
Pennsylvania made some very large strides toward ranking among the largest gambling markets in the US in the last few years. It’s since pretty much sealed up that spot. However, with iGaming legislation becoming more popular in other states too, the likes of New Jersey are fast catching up to it and may soon overtake PA. However, for now, with no immediate challenger to Nevada yet, Pennsylvania narrowly remains the second-largest gambling market in the US.
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Publish date : 2024-09-17 03:08:00
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