![]() ![]() Smiley, a former commercial litigator, thinks the “outrageous” tax burden here may allow illegal gambling to thrive, with established bookies becoming competitors to casinos – at least until law enforcement decides to “put the hammer down.”īREAKING NEWS: Sports betting is legal in NJ and will soon be in PA.īREAKING NEWS: I have a new problem.- Jack Jokinen May 14, 2018 In addition to the hefty fee, casino operators in Pennsylvania will be required to pay a $10 million licensing fee to get into sports gambling. Gambling pioneer Nevada taxes at just 6.5 percent, while neighbors New Jersey and West Virginia set it at 8 percent and 10 percent, respectively. “The tax is prohibitive to the casino, and those costs are going to get carried over to the consumer,” said Smiley. But none have a tax rate anywhere close to Pa.’s 36 percent. Roughly 20 other states have some kind of legislation pending to legalize sports betting, and at least six others are in the same position as Pennsylvania. With an estimated $150 to $400 billion booked annually offshore, it’s understandable lawmakers are eager to tap into it as a potential revenue source. “I would be shocked if there aren’t conversations happening right now between casino operators and the state to lower that tax.” Bookies in Philly are probably laughing,” said Brett Smiley, a Penn grad who’s cofounder of SportsHandle, a news site covering the business of sports betting. ![]()
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