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Pennsylvania collected the highest tax revenue from casinos in 2023, totaling $2.3 billion, followed by New York and Nevada. PHOTO/GETTY IMAGES
Study reveals Pa.’s ranking in casino and sports betting
Ed Gruver//August 29, 2024//
Listen to this articlePennsylvania collected more taxes from casino and sports betting than any U.S. state, according to a new study conducted by Doc’s Sports.
According to Doc’s Sports, which was founded in 1971 and bills itself as “the most trusted name in sports picks”, Pennsylvania collected the highest tax revenue from casinos in 2023, totaling $2.3 billion, followed by New York with $2.1 billion and Nevada with $1.2 billion.
Per a release, the study examines the tax revenue collected from casinos and sports betting in various states and provides valuable insights into the economic impact of commercial casinos and sports betting across the country. The commercial casino and sports betting industries in the U.S. have experienced substantial growth in recent years, significantly contributing to state tax revenues.
Insights into the revenue generated by commercial casinos and the corresponding tax collections were provided by data from the American Gaming Association (AGA).
Sports betting is an additional source of tax revenue, according to the data of Legal Sports Report. New York collects the most taxes with more than $2 billion, followed by Pennsylvania with $615 million and New Jersey ($541 million).
Raphael Esparza, a professional handicapper in sports, said the growth of sports betting in newly legalized states isn’t guaranteed.
“Sports gambling will always happen, but ‘grow’ is a big word,” Esparza said in a statement. ” Grow in new customers or grow in profits? If books don’t continue to expand the betting product with new ways, customers are just going to jump around to different books and look for the biggest ‘bonus’ plays.”
The study utilized data from the AGA and Legal Sports Report to analyze tax revenue and growth in the commercial casino and sports betting industries. The AGA provided data on casino operations, including tax revenue, customer spending, and year-over-year growth.
Legal Sports Report offered insights into sports betting tax revenue and betting handle. The data was collected and analyzed to identify trends and significant changes in the industry.
