State Rep. Frank Farry wants the Pennsylvania Gaming Control Board (PGCB) to draft regulations for sports betting in Pennsylvania as soon as possible. Farry’s statement followed last week’s U.S. Supreme Court ruling allowing states to legalize sports betting.
Farry drafted language to legalize sports betting in Pennsylvania last year and said the gaming expansion bill signed into law in October 2017 allowed PGCB to regulate and tax sports betting. Notably, if there ever was a change in federal law or a Supreme Court ruling, such as the one issued last week.
According to Farry, the PGCB’s fast action will ensure Pennsylvania benefits. “Right now, millions of dollars are being wagered illegally on sporting events in Commonwealth, “ he said.
“Between license fees and tax revenue, sports betting has the potential to be a lucrative revenue source for the budget and priority programs such as education, human services, and public safety,” Farry said. “It also will serve as a job creator in the Commonwealth,” he added.
Under state law, existing Pennsylvania casinos could apply for a license to offer sports betting at its main location, a secondary location or online. The cost of the license was set at $10 million, which means the Commonwealth could see up to $130 million in one-time license fees by the next fiscal year. Additionally, sports betting would provide long-term revenue to the state via a 34 percent tax on proceeds, as well as a local share fee of 2 percent.