Philadelphia, PA - The Pennsylvania Gaming Control Board is making it official – for those who want to get their hands on an online gaming license, the time to act is now. Since the local market is booming, this is a great opportunity for gambling operators to get into legal online gambling in PA. Obtaining one of these licenses will officially make you a Qualified Gaming Entity in the eyes of the state. With only 12 remaining, the pressure is on for those interested in making a move.
Online Gambling in Pennsylvania Is Booming Thanks To Pro-gambling Atmosphere
iGaming in the state is booming. All forms of online gambling in Pennsylvania are legal unless explicitly stated otherwise, as described at Pennsylvanialegalresearch.com; from bingo all the way to slots, lottery, and table games.
In fact, not only does it have a pro-gambling climate, but it’s arguably the most gambling-operations-friendly state in the US. This means that the players get to enjoy the entire package, everything from casinos to sports betting. As it goes without saying, this makes it a fine place to visit.
The aforementioned state of things is thanks to the Pennsylvania Local Option Small Games of Chance Act that was passed in 1988, and the gambling scene has had the environment to prosper ever since. Note that the bill has been amended several times.
With that being said, there are some notable examples of what you cannot do, even as a holder of one of the state’s gambling licenses. For instance, organizing a poker night is forbidden unless it’s run inside authorized casinos. Quarter auctions are out of the question as well. Furthermore, the Pennsylvania Lottery is the only establishment authorized to host numbers games.
March The 3rd, 2023 Is the Deadline To Note
Those who are looking to get a gaming permit should get proactive. Having begun on the 3rd of January and ending on the 3rd of March 2023, the application window is relatively tight. After that, Keystone State’s Gaming Board will no longer be issuing them. Those establishments that are currently operating outside the state and would be interested in getting into online gambling in Pennsylvania with the help of a Qualified Gaming Entity certificate can now do so.
The Price of Entry Is $4 Million
As already stated, 12 certificates are still up for grabs, each for $4 million. They fall into the following three categories:
- Non-bank table games such as poker (6 certificates remain)
- Bank table games (3 certificates remain)
- Slot-type games (3 certificates remain)
For those who want to place their offerings among the best PA online gambling sites, this is the second chance to hop on board. Historically, the first window of opportunity opened up in February 2018.
Standard vs. Qualified Gaming Entity Licenses
As you might have guessed, there are pros and cons to each of these licenses, and it’s on you to find the right one for your needs.
The key thing to note about Qualified Gaming Entity licenses is that they allow you to enter Pennsylvania’s market without establishing a partnership with brick-and-mortar casinos beforehand. However, compared to the state’s standard license, it’s also the costlier option, coming at about $12 million.
The standard license has you covered for online slots, tables, and poker. However, it’s meant for land-based casinos, and every five years, it’s due for renewal for $100,000.
iGaming Is Experiencing Continuous Growth
As evident from Pennsylvania’s tax logs throughout the years, the numbers do not lie – legal online gambling in PA is raking in substantial revenue. Looking at the period of 2021-2022 alone, the gross gaming revenue stood at an impressive $1.23 billion. This means the government coffers were able to rake in $341.7 million in taxes.
The main breadwinner turned out to be online slots, generating $847.4 million. Then there are interactive table games, bringing in $349.6 million. Interestingly, only $35.2 million came in from online poker during the time period of summer 2021 and summer 2022.
In terms of growth, online slot revenue is up by 40.5%, while the one generated by table games is up by 33%, year on year. Poker is experiencing 15% annual gains. The numbers don’t lie – gambling in Pennsylvania is growing.
Those who have the capital necessary to cover the entry fee will find that online gambling in Pennsylvania can be a lucrative endeavor from a business perspective. As the numbers stand, it’s poised to continue being a disruptive force well into 2023 and beyond.
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