Gambling has always been a popular pastime for people all over the world, and with the advent of the internet, it is easier than ever to find a gambling site that suits your needs. Pennsylvania businesses are taking advantage of this by opening their own licensed gambling sites. This can be a great way to generate extra revenue for your business.
In this article, we will discuss the benefits of opening a licensed gambling site in Pennsylvania and how businesses are using it to their advantage to expand their revenues via the use of licenses.
How have businesses in Pennsylvania been able to use licenses to their benefit?
With the gambling industry on the rise, and following the 2018 ruling by the Supreme Court, the state of Pennsylvania had decided that it was wise to introduce legal sports betting and online casino gaming to its residents and those that visited the state.
Indeed, it is certainly a move that appears to have paid off, as there have been a number of strong figures and statistics to have been recorded over the last few years of data that has been possible to collect. One notable figure to have been provided recently was the fact that internet gambling had surpassed the $1 billion mark for revenue generated from this industry.
Additionally, it had also been revealed that a total of 18 internet casinos and 13 online sportsbooks were operating within the state at the conclusion of 2021, thus highlighting just how beneficial licenses have been to organizations within the state.
What are the benefits of using a license?
Naturally, it perhaps does not come as a surprise to learn that opening a licensed gambling site in Pennsylvania has a number of benefits, which is why there have been numerous operators looking to take advantage of the situation that they have been presented with.
First, it has allowed them to tap into a new market of potential customers. People who are interested in gambling are always looking for new and exciting places to gamble, and if you can provide them with a safe and reliable place to do so, they will be more likely to use your services. This will subsequently help to build trust between the firm and the client, which can then help to increase the revenues that are being generated as there will be no second-guessing regarding whether or not it is safe to part with the money that is being transferred.
Secondly, there has been a rise in the number of regulated gambling sites in Pennsylvania because it has allowed them to take advantage of the tax benefits that are available to businesses within the state. Operators who decide to open a gambling site are required to collect and pay taxes on the revenue that they generate. Now, while paying taxes may not seem to be a benefit, businesses can find that they are protected from certain things by doing so, while they can also find that they are potentially in a position to enjoy certain tax breaks because of how much money they are able to bring into the state.
Finally, by opening a licensed gambling site, casino operators will be able to better monitor and control the activities that take place on the site or platforms that they have made available to punters. This is important because it will help them ensure that all of the games on the sites being used are fair and that no one is cheating. These operators will also be able to track the money that is being wagered on their sites and make sure that it is being used in a responsible way.
Will we see other states look to implement gambling licenses?
Indeed, with the benefits that have been outlined above and the fact that businesses are able to expand their revenues significantly via the use of a license, it would not be a surprise if we were to see even more states look to implement one in the future.
Of course, it is still very early days for the industry in the U.S. at the moment, as there are only six states that permit online casino gaming at the moment; although many more do allow for punters to enjoy mobile sports betting.
Of the six states, some of them already have licenses:
- New Jersey – New Jersey Division of Gaming Enforcement
- Michigan – Michigan Gaming Control Board
- Pennsylvania – Pennsylvania Gaming Control Board
- West Virginia – West Virginia Lottery Commission
Delaware and Connecticut are a little more complex, but they still have certain features that benefit gambling firms that decide to operate within the state borders. But, could we see more follow suit in the future?
Naturally, that will likely depend on what happens in regard to decisions at the top. There are some states that will be interested in bringing online gambling and entertainment to their borders, while there will be some that will be rather conservative and reserved about the whole idea because of various factors.
What is the future for businesses in Pennsylvania?
As previously highlighted, the future clearly looks bright for those in Pennsylvania at the moment, as the industry continues to boom and the organizations that operate within the sector also continue to enjoy a rather lucrative time themselves.
With revenues continuing to soar for the state via the amount of taxation that is being generated, the businesses are clearly in a position whereby licenses are having a positive impact on the number of people that continue to use their services and wager.
As we see the industry become more and more popular as time passes by, it would not be a surprise if we were to see other states look to adopt this method and look to replicate the success that Pennslyvania has had. However, we also know that each state is different and we will have to wait and see what happens as everyone will have their own opinion on what is right for them.