PA nets $3.4m in taxes from first year of fantasy regulation

20 May 2019

The Pennsylvania Gaming Control Board (PGCB) has revealed that the state has generated tax revenue of $3.4m (£2.7m/€3.0m) from its first full year of regulated fantasy sports contests.

Total revenue for the year running from May 2018 to April 2019 amounted to $22.5m, with DraftKings and FanDuel accounting for the vast majority of this sum. Operators pay a 15% tax on adjusted revenue derived from players in Pennsylvania, resulting in the $3.4m going to state coffers.

DraftKings led the market for the year, with its revenue of $11.5m accounting for just over half the market total. It was closely followed by the Paddy Power Betfair-owned FanDuel, which generated a further $10.3m for the year.

Read the full story on iGB North America.