Pennsylvania Fantasy Sports Betting Nears $1 million
As the first half of the NFL football season comes to an end, fantasy sports betting on Pennsylvania’s nine licensed fantasy sports sites is still growing. According to a report in Lehigh Valley Business, fantasy sports betting has generated nearly $1 million in tax revenue since its launch in May.
The revenue numbers accelerated with the start of the NFL season in September, a month when sites that include national names like DraftKings, FanDuel and Yahoo Fantasy Sports generated $320,000 in tax revenue on revenue totaling $2.13 million. By comparison, in July, the sites generated $133,000 in taxes on revenue of $878,000.
The state takes 15 percent of all fantasy sports wagers under the gaming law. Since May, the state has taken in around $947,000 in new taxes on fantasy sports.