Last Thursday, the Pennsylvania Gaming Control Board (PGCB) released the revenue figures posted by the state’s gambling industry in the month of June 2020. As expected, since the state is still reeling from the effects of the coronavirus pandemic, the overall gambling revenue took quite a hit once again. The closure of all of the Keystone State’s retail gambling facilities was quite a big blow to the industry especially considering their reliance on those properties.
Despite all this, the July 2020 revenue figures that were recently released bear both good and bad news. That is just one way to put it but the overarching idea is that the market dynamics are beginning to shift with the trend suggesting a possible balance in the retail and iGaming sector revenue figures.
The Return of Retail Gambling
Now, the month of June presented a lot of hope for the gaming industry as the state authorities as well as the gaming operators worked towards returning things to normalcy. While things did not really go back to the way they were before the pandemic, the industry has adjusted quite well to what has been defined as the new normal. A lot of safety measures are now in place to prevent any further spread of the virus.
All but one of the state’s land-based casinos reopened their doors in June and cumulatively, they brought in $74.1 million. Slot machine brought in a whopping $62.4 million. This was from the available slots and table games. $74.1 million is definitely a huge drop from what was recorded during the same period last year but considering all that has been going down, it is safe to say that things are looking up for the Pennsylvanian gambling industry,
Online Gambling Revenue Dips
Since the retail gambling facilities in the Keystone State shut down, online gambling has been on the lead bringing in millions of dollars. However, for the first time since then, the sector posted a revenue drop – in May, the online gambling industry brought in $55.8 million while in June this dropped to $50.1 million. In fact, this was the first drop of any kind since the nascent iGaming industry took off several months ago.
This drop has been attributed to the reopening of retail gambling venues which means that gamers are no longer restricted to placing their bets online. While this might be true, there are still very high hopes for online gambling in Pennsylvania.
Bright Future for Sports Betting
Sports betting was one of the sectors that took the hardest hit from the lockdowns due to the suspension of sporting activities from all around the world. There was a glimmer of hope in July as sportsbooks began to offer odds on a variety of markets. The state is now looking forward to an even more fruitful industry as plans for the resumption of major sports leagues intensify.