Pennsylvania is poised to be a major player with Sports Betting. New York will not have the opportunity to bet on games until 2019 at the earliest. Most of the money from the Big Apple will go to Meadowlands, Monmouth or Atlantic City. But if the Commonwealth saw this as an opportunity and allowed the casinos in the Keystone State to capitalize on it, millions of dollars would be generated.
The tax rate won't allow that to happen. No operator can make a sustainable profit giving more than 20% in state tax on a 5% margin. Most of the money would have to be made thru parlays, futures and exotics wagers. The majority of patrons will bet single game contests so the edge will not be that high. A great odds maker would struggle under these conditions. So that's the reason that no one has applied for a Sport Betting license.
Once the state legislators reconvene in September, someone should come to the forefront and say,"let's revisit this tax". It may not be in time for the beginning of the NFL season but could happen prior to the Playoffs and the start of NBA. These are the two most popular sports to wager on and the money that would make it's way out of Philly and Pittsburgh would bring jobs and tax revenue to both of those cities.
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