Gambling regulation has been a hot topic in the US for decades. Nevertheless, the outlook regarding this pastime now seems to be changing as more states are looking into legalizing different types of betting both over the internet and at land-based establishments. The ongoing global pandemic has only accelerated this process by leaving governments scouring for new tax revenues.
As far as the digital sector goes, Pennsylvania has been at the forefront of the US gambling revolution. It legalized mobile betting in 2019 and is only one of six US states that permits online casino operators to offer gambling services to its residents. To compare how US-based gambling platforms stack up against international ones, check out an info hub such as www.bettingsites.ng. There are sizeable differences between the two, mainly stemming from the underdevelopment of the US market.
At the start of 2021, Pennsylvania’s sports betting sector was riding high, posting record-breaking numbers. In January of this year, this sphere reported that it took in over $615 million in bets, generating revenues of $34 million, putting $10 million in the state’s tax coffers. However, the expected seasonal slowdown occurred, and now, sportsbooks are in anticipation of football making a comeback, so they can get back to where they were before things went south.
Pennsylvania’s Sports Betting Revenues Have Plummeted
As mentioned, the total number of bets placed in January of 2021 in Pennsylvania amounted to slightly more than $615 million. That figured included both wagers made at retail shops and online platforms. In May, this number dropped to $447 million. That is a 6.7% fall for the April figure, per data released by the Pennsylvania Gaming Control Board.
Though this slowdown is not surprising, it is a decline that is much steeper than the ones occurring in other states. What is interesting is that interest in online casinos and poker rooms has surged as summer neared. These two sectors posted a combined record gross revenue number of $110 million in May. Many believe that even with gamblers returning to land-based casinos for slot and poker action, engagement levels at online platforms should hold. Experts believe that soon, they will slowly become revenue-generating powerhouses for the Keystone state.
American’s Most Bet on the NFL
Before 2018, it was hard to figure out what was Americans’ favorite sport to bet on when trying to test their sporting knowledge and instincts. Previous to PASPA going into the history books, Nevada was the only US state that legalized this activity. So, most sports bets before 2018 got made on the black market. Everyone assumed that the NFL was the 800-pound gorilla of the betting space. When this pastime became legal, it turned out that was accurate, as the legal sports betting handle on Super Bowl 55 totaled $486 million.
Therefore, it is evident that most Americans love wagering on football and that once the 2021/2022 season starts on September 9th, sports betting revenues will sky-rocket. That should happen despite sportsbooks giving astronomical odds on the Eagles and Steelers winning Super Bowl 56.