Culture

Sports betting in Philly: What does it look like today?

John Locher/AP

For more than 25 years the federal ban ensured that you could enjoy sports betting only in Nevada. Las Vegas was the only city which gave people a chance to tap in their inner gambling side.

However, earlier this year, the rest of the States had a sigh of relief after the 25-year ban was lifted. States were given the individual mandate to legalize sports betting. New Jersey has been on the spotlight as the first state to go ahead and legalize sports betting.

The state of Pennsylvania has not been left behind as it also went ahead to legalize brick and mortar casinos that offer both live and online casino experience. This means that sports betting has not been legalized fully and casinos are in the process of applying for licenses.

Today, you can bet on your favorite matches online with a top online sportsbook, and all you need is an internet connection and a smart device. Yes, you do not even need a laptop get started betting on your favorite matches.

More about the legislation

Last year, the lawmakers in Pennsylvania passed a huge gambling package which allowed state casinos to have their own sports book.  However, it was to take effect only after New Jersey had prevailed in its case.

On May 14, 2018, when New Jersey won the case, it went ahead to allow its own sports book licences. Currently, in about a month or so, college games are about to start in Philly. It is more than evident that college sports in Pennsylvania are more eligible than even in New Jersey. Thus the sports book in Pennsylvania will come in more handy to them.

However, due to the concern of profitability, some venues may opt out. It is because not every operator is willing to offer single-game sports wagering both live and online games.

The PA sports book are definitely huge because there are a lot of fees which are required. For instance, venues in Philly will have to pay the following revenues:

  • $10 million licensing fees and an outrageous 54% fee on slot machines.
  • 34% on gross tax revenue.
  • 2% local share assessment fee.
  • 0.25% federal excise duty.

Moreover, sports league have gone ahead to ask for 1% fee which they term as “integrity fee.” This fee is required because the sports league and schools are scared that their players are vulnerable to scams. Thus they would like a cut of the action so that they can ensure that the integrity is maintained especially when the college games are about to start.

If sports vetting is fully legalized in Philly which is the capital of Pennsylvania then it will be a lucrative deal for them. It is estimated that it could be worth more than $400 million per year. Online casino games are predicted to be the most lucrative with at least producing 81% of the revenue.

However, this might deem impossible if the fees and high taxes are still in the picture.

 


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