The highly-anticipated Pennsylvanian online sports betting industry is finally on the verge of going live and according to market analysts, the industry is set to be accompanied by a betting surge that has the potential of making the state the country’s most lucrative sports betting market.
With online casino testing set to kick off within the next few weeks, there is a lot of buzz going around pertaining to how it will all turn out. A number of casinos have ventured into the sports betting in the recent past which makes the state such a big deal with many even projecting that it is likely to surpass even New Jersey’s thriving online sports betting industry.
“It certainly could be bigger than Nevada or New Jersey is right now. If everything goes right, and everybody puts out a good app, they’re going to see billions of dollars wagered annually and revenue in the hundreds of millions. It’s going to be robust,” Dustin Gouker, one of the analysts commented.
It is now a year since the United States Supreme Court abolished the Professional and Amateur Sports Protection Act (PASPA) thus lifting the federal ban on sports betting. Over this one-year person, a total of eight states in the country have made legal sports betting available. According to the American Gaming Association, as a result, sports bettors have placed bets worth about $8 million and this is perhaps proof that the court’s decision is paying off even better than expected.
Pennsylvania officially kicked off its sports betting operations in November last year – this was part of the state’s gambling expansion plans that were signed into law in October of the previous year. The state now has six casinos operating its eight sports betting sites which accepted a record $44.5 million in Wagers in March and a whopping $125.6 million in their first months of operation.
There are plans in place for more physical sports betting locations in the Keystone State and this will definitely further the revenue boost that we have already seen. Everything is definitely looking up for the state. This is precisely the reason why online sports betting which has been teased in the state for months is set to take everything a level higher.
In terms of population, Pennsylvania is one of the largest states which means that it is likely to collect more tax revenue than any other states in the country. There is, of course, a lot more that needs to be done but it is safe to say that industry is almost certainly ripe enough to take the next leap forward. Now, the regulator seems to be mainly focused on ensuring the integrity of bets and making sure that the available online sports betting platforms will be reliable enough.