Pennsylvania Gaming Control Board Reports $3.38 Million in Tax Revenue from First Full Year of Regulated Fantasy Contests

HARRISBURG, Pa., May 17, 2019 /PRNewswire/ -- The Pennsylvania Gaming Control Board today posted on its website the monthly Fantasy Contests Revenue Report which includes totals from the first full year of the Commonwealth's collection of taxes on the play of these games.

The amount of revenue generated through the play of fantasy contests in the first 12 months of operation in Pennsylvania was $22,542,688.  That generated $3,381,403 in tax revenue for the Commonwealth.

Beginning last year, Fantasy Contest Operators in Pennsylvania were required by Act 42 of 2017 to be licensed by the Board and to pay a 15% tax on the adjusted revenues derived from Pennsylvania players.

The report on the Board's web site, https://gamingcontrolboard.pa.gov, provides a breakdown on fees collected from the play of Pennsylvania participants, the Fantasy Contest Operators' adjusted revenue, and tax revenue collected by the Commonwealth.

Fantasy Contests adjusted revenue and tax revenue for each of the providers for April 2019 and for the 12-month period is displayed in the following tables:

About the Pennsylvania Gaming Control Board:

The Pennsylvania Gaming Control Board is tasked to oversee all aspects of the state's casino industry, including sports wagering offered currently at eight locations. The oversight also includes other new gaming initiatives, expected to be launched in the coming months, which were created through Act 42 of 2017, an amendment to the Race Horse Development and Gaming Act.

The Commonwealth's casino industry currently consists of 10 stand-alone and racetrack casinos in operation, along with the two smaller resort casinos.  These facilities collectively employ over 16,000 people and annually generate approximately $1.4 billion in tax revenue from slot machine and table games play. The largest portion of that money is used for property tax reduction to Pennsylvania homeowners.

Additional information about both the PGCB's gaming regulatory efforts and Pennsylvania's gaming industry can be found at gamingcontrolboard.pa.gov. You can also follow the agency on Twitter by choosing @PAGamingControl.

SOURCE Pennsylvania Gaming Control Board

Related Links

https://gamingcontrolboard.pa.gov

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