Casino Owners In Pennsylvania Submit Petition For Sports Betting
The Owner of Parx Casino, Greenwood Gaming and Entertainment has filed two petitions to offer sports betting at two separate locations, one of which is at Benslaem’s Parx Casino and the other at South Philadelphia Turf Club in Philadelphia.
This move from Greenwood comes just a week after the first petition for sports betting in Pennsylvania was submitted by Penn National Gaming, where they filed for Hollywood Casino at the Penn National Race Course, which is located in East Hanover Township.
However, a spokesperson for The Pennsylvania Gaming Control Board has announced that state regulators will most probably consider petitions starting October only. As of now, after the US Supreme Court legalized sports betting nation-wide in May, four other states including Nevada, Delaware, Mississippi and New Jersey have made sports betting legal. The state of West Virginia will also open sports books starting this weekend.
High fees may affect profitability
In Pennsylvania, casino owners who wish to operate sports betting in the state will have to pay a fee of $10 million. In addition to this, any sports betting operator is under the obligation to pay 36 percent as state taxes as well as local taxes.
As a result of such exorbitant fees, casino owners that offer sports betting, including Greenwood Gaming and Entertainment and Penn National Gaming, may be forced to offer betting odds which are much less attractive compared to the standard. Only by doing so will they be able to recover their costs and make a profit. However, this would also make their offers much less appealing, especially when compared to the betting odds offered by sports betting operators in the black market.
Overall expansion of gambling in Pennsylvania
The legalization of sports betting in Pennsylvania is especially significant because just last year, a broader expansion for the gambling industry for the state was approved. Through this expansion, online gambling, as well as smaller satellite casinos, will be included in the commonwealth’s gambling industry.
Apart from online gambling, much of which has to do with mobile gambling, and the mini-casinos, Pennsylvania has also introduced online lottery games to its gamblers. In addition, taxes on those operating daily fantasy sports have also been levied.
After successfully integrating online gambling into the casino industry, regulators also have plans of opening up several other gambling practices such as video game terminals located at truck stops and airport gaming.