CNBNews

(The Center Square) – Pennsylvania’s online casinos and sports betting have had another record month.

In October, Pennsylvanians placed $797 million in sports wagers, a 24% increase over September.

“While year-over-year sports betting growth is beginning to level off, the online casino market continues to show tremendous growth,” PlayPennsylvania Analyst Chris Imperiale said. “Pennsylvania online casinos' $151 million October gross gaming revenue is an all-time, all-market record for online gaming in the U.S.”

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In the latest figures from the Pennsylvania Gaming Control Board, total revenue compared to October 2021 was up 5.7% to $450 million.

The gambling brought in $183.7 million in tax revenues to the commonwealth in October. 

As The Center Square previously reported, the industry is expected to grow its revenues to $5 billion, up from $3.2 billion in 2018. That growth would translate into roughly $2 billion of tax revenues for the commonwealth.

Pennsylvania is one of 31 states that have legalized sports betting since the end of a federal ban in 2018. West Virginia, New Jersey and New York have also legalized it.

“The U.S. sports betting market is firmly still in the clutches of the biggest expansion of legal gambling in the nation’s history,” PlayUSA says.

For Pennsylvania, experts have predicted a ceiling of sorts to its growth. While online and sports betting have grown, other areas, such as slots and table games, have declined. As other states legalize gambling, fewer visitors will come to Pennsylvania to gamble.