Nevada, Delaware, and New Jersey are all seeing a significant increase in their gambling revenue made possible by the addition of online gambling.
The additional revenue that online gambling has the potential to generate has many states such as California and Illinois weighing the pros and cons. But many believe that Pennsylvania may be next.
Even though not all states are generating the revenue they hoped for, all three states where online gambling is legal are now raking in millions in revenue. It is this impressive earnings potential that has Pennsylvania taking notice. Currently Pennsylvania is looking at being around $1 billion dollars short of their annual budget, so online gambling-related taxes could help to close the gap.
With 38 countries around the world having successfully legalized online gambling, much has been learned about how to manage and regulate the practice. While some are concerned about an increase in gambling addictions and irresponsible user spending, online gambling has many benefits beyond earnings potential for the 12 existing casinos in the state of Pennsylvania. Gamers who do not live close to a casino would be able to play the games they love, and those who do not like the social scene within casinos can gamble in the comfort of their own home.
Some members of Congress are working to ban online gambling, but Morgan Stanley estimates that the industry will grow to at least $8 billion dollars in revenue in the US by 2020. Pennsylvania is expected to make their decision within the next 2 months.
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