Pennsylvania could see $50 million a year in sports gambling revenue

Pennsylvania could see $50 million a year in sports gambling revenue

Newly released numbers show the Department of Revenue estimates Pennsylvania can anticipate between $40 and $50 million in tax revenue annually once all sports wagering licensees are fully operational.

For fiscal year 2018-19, the department predicts $11.2 million in tax revenue from the recent sports wagering expansion, allowed by a recent U.S. Supreme Court ruling. For fiscal year 2019-20, the number is expected to increase to $33.6 million.

However, a 2017 study conducted by Oxford Economics indicates once sports wagering is more convenient nationally, the commonwealth would experience a decrease in tax revenue due to the high tax rate.

Monday, December 10, 2018/Author: Robert Cochran
Categories: News and Views
Chips start to fall on how Pennsylvania will regulate sports wagering

Chips start to fall on how Pennsylvania will regulate sports wagering

At its regular meeting this week, the Pennsylvania Gaming Control Board approved the first round of regulations for sports wagering in Pennsylvania.

But a further change in the state's tax rate on sports gambling revenue may be necessary to increase access to legal bets outside casinos, according to gaming supporter Rep. Jeff Pyle (R-Armstrong).

Thursday, May 31, 2018/Author: Stephen Caruso
Categories: News and Views
Pennsylvania already prepared to capitalize on sports betting, House gaming supporters say

Pennsylvania already prepared to capitalize on sports betting, House gaming supporters say

A US Supreme Court ruling that opened up sports betting could impact Pennsylvania within the next year, according to the House’s Gaming Oversight Committee chairman.

Rep. Jeff Pyle (R-Armstrong) said in a phone interview Monday that language allowing sports betting was already part of the state’s 2017 Fiscal Code.

Monday, May 14, 2018/Author: Stephen Caruso
Categories: News and Views
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