Pa.’s Tax On Sport Betting Is Highest In The Nation, Unlikely To Deter Casinos

Pa.’s Tax On Sport Betting Is Highest In The Nation, Unlikely To Deter Casinos


SEE SNOG HAPPENED TO IT. THE TAVERN WAS ONCE A NIGHTCLUB BUT PURCHASED BY ANOTHER OWNER. IT MAY BE MONTHS BEFORE SPORTS BET AS GOOD IMPLEMENTED IN PENNSYLVANIA BUT ONE THING IS IN PLACE. A TAX APPROVED BY THE STATE LEGISLATURE LAST FALL TURNS TOUT TO BE HIGHEST TAX ON SPORTS BETTING IN THE NATION. MONEY EDITOR JOHN DELANO HAS THE STORY. WHEN SPORTS BETTING COMES TO PENNSYLVANIA, AT LEAST FOR THE CASINOS, THIS STATE WILL HAVE THE HIGHEST TAX RATE IN THE NATION. IT’S NOT EVEN CLOSE. MOST OF THE STATES ARE SOMEWHERE BETWEEN 10% AND 20%. NEVADA IS AT AROUND SEVEN PERCENT. WE’RE GOING TO BE AT 34% PLUS AN EXTRA TWO PERCENT, 36% AND THAT DOES INCLUDE THE FEDERAL EXCISE TEST AS WELL. CHUCK BERRY WHO TEACHES SPORTS ENTERTAINMENT AT PINPOINT UNIVERSITY SAYS THE HIGH TAX IS NOT LIKELY TO DETER THE CASINOS FROM GETTING INTO THE LUCRATIVE SPORTS GAMBLING BUSINESS. MAYBE BUT I DOUBT IT. ILLEGAL SPORTS GAMING IS ESTIMATED TO BE A $1150 BILLION INDUSTRY. 0. GAMING COMPANIES HAVE COMPLAINED THAT PENNSYLVANIA’S 36% TAX IS MUCH TOO HIGH COMPARED TO THE 10% TAX OVER THE STATE LINE IN WEST VIRGINIA. THEY’RE GOING TO COMPLAIN ABOUT IT BUT ATTEND OF THE DAY, THEY HAVE A CHOICE. THEY CAN DECIDE NOT TO PARTICIPATE IN THIS TYPE OF GAME. 9 OR 11 ENTITIES THAT WOULD PARTICIPATE HERE. UNDER ACT 44 THE CASINOS ARE THE ONLY OUTLETS YOU CAN APPLY FOR A $10 MILLION LICENSE FEE TO PROVIDE SPORTS GAMBLING AT THE CASINOS. AS FOR THE STATE TAX, ITHS PAID BY THE CASINO OUT OF THEIR PROFITS, NOT A PERSON BETTING. THAT TAX IS NOT GOING TO IMPACT THE INDIVIDUAL BETTER. BUT THE DEVIL IS IN THE DETAILS OF SPORTS BETTING REGULATIONS YET TO BE WRITTEN SAYS BARRY. PENNSYLVANIA STILL A WAYS OFF FROM IMPLEMENTING SPORTS BETTING. UNDER ACT 42 PASSED LATE LAST YEAR, THE PENNSYLVANIA GAMING CONTROL BOARD SAYS IT WILL TACK ITS TIME TO IMPLEMENT THE BEST RULES AND REGULATIONS TO PROTECT PENNSYLVANIANS WHO BET ON SPORTS EVENTINGS. WE WANT TO DO THIS THING

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