The Economics of the Gambling Boom

By Chuck Brown
gambling economist betting

Sports betting has taken off over the last few years. With increased access to the internet, especially from mobile devices, more and more people have been turning to online sportsbooks to place their bets. This has caused a few trends to really take off in the last few years.

One is the increased revenue flowing into state coffers around the United States. As states legalize online sports betting in their territories, they have begun to collect huge sums of tax money. Records seem to be broken on a monthly basis.

Also, cryptocurrencies are increasingly becoming the go-to for online gambling sites. Betting with Bitcoin or other digital currencies comes with many advantages, such as increased identity protection and specific bonus offers from top sportsbooks. 

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Pennsylvania Brings in Record Gambling Revenue 

With the growing popularity of online casinos, as well as the return to something resembling pre-pandemic normalcy, the state of Pennsylvania brought in record revenue from its gambling operations. 

In the last fiscal year, Pennsylvania earned $3.9 billion in revenue from gambling. This is a huge growth from the previous years. The fiscal year ended recently on June 30. The new record topped the previous one set two years prior by 17%. Last year’s record easily beat out the previous year’s total by a whopping 40%.

The main difference here is the addition of online gambling. For example, revenue from slot machines at $1.9 billion was actually lower than it was two years prior. The same can be said of the revenue from table games, which came in at $721 million.  Both of these staples were not as high as in previous years. 

The big gains came exclusively from online gambling. Online gambling accounted for $900 million in its second year, adding nearly 25% to the state’s gambling revenue. Online sports betting brought in $300 million in revenue in only its third year of legalization. 

These figures put Pennsylvania in the number three slot in terms of states by gambling revenue. They come in behind Nevada and New Jersey, respectively. 

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Cryptocurrencies Mesh Well With Online Gambling

Cryptocurrencies get along well with the online betting industry. It is easy to see why. It is an industry that is open to the newest trends and is quick to adapt to them. 

Cryptocurrencies, such as Bitcoin and Ethereum, are available deposit and withdrawal options at a number of online sports betting sites. Plus, you can also use them via PayPal or Skrill. Part of this emerging trend is just the increased number of financial institutions that are accepting digital currencies. They have become much more mainstream over the last few years. 

Plus, bettors love them as well! They come with a number of benefits that can help keep you safe while putting your financial information online, and that can also help with your bottom line.

Bitcoin deposits hardly ever carry any fees, for example. This is because there is no central financial institution to charge them. Plus, many sportsbooks give you extra bonuses for using Bitcoin, so you can really save lots of money right off the bat. 

Betting with Bitcoin is also a way to keep your identity safe. Blockchain technology is very different from old-fashioned banking institutions in this way.