Fantasy sports betting in Pennsylvania is up 35 percent after one year. –
One year after fantasy sports betting debuted in the state of Pennsylvania, revenue is up 35 percent.
The Pennsylvania Gaming Control Board is reporting that revenue for May 2019 was $1.8 million, up from $1.3 million in May 2018, the first month in which fantasy betting was allowed in the state.
Tax revenue collect from the play of fantasy contest for May was $270,458. Eight websites currently provide fantasy sports betting in the state.
Yahoo Fantasy Sports had the sharpest increase in revenue at 91 percent, taking in $8,463 in May, up from $4,430 in for the same month last year
Fantasy Draft saw the largest drop, taking in nearly 53 percent less revenue this May. It took in $1,176, down from $2,500 a year.
One provider, FastPick.com, reported $319 of revenue for May 2018 but stopped providing fantasy contests in the state in July 2018.
Participants in fantasy sports assemble teams based on real players in a particular sport, then the fantasy teams compete based on the statistical performance of players in real-life games.
Under state law, online fantasy-contest operators must be licensed by the gaming board and pay a 15 percent tax on the adjusted revenues from Pennsylvania players.
In the first full year of fantasy sports betting in the state, between May 2018 and April 2019, operators generated $22.54 million in revenue and $3.4 million in state tax revenue.
The 12 bricks-and-mortar casino operations the gaming board regulates bring in approximately $1.4 billion in tax revenue per year.
