Published on November 6th, 2017 | by admin0
The Rise of Online Gambling in Pennsylvania
The legalisation of Online Gambling in the state of Pennsylvania has brought immense joy to the fraternity of gamblers. These are the enthusiasts who have been vouching for the legalisation for quite some time now. Their wishes came true this past Monday on October 30 when the Governor of Pennsylvania, Tom Wolf signed the bill that was passed in the Parliament and hence, the state became fourth in The US to embrace the global phenomenon of Online Gambling. New Hampshire too was trying to follow the footsteps of Pennsylvania but sadly fell a little short from scoring the home run. There were believers who thought that these states too will legalise online gambling but that did not happen.
The persistent efforts of the state of Pennsylvania from past 5 years finally paid off handsomely. It is geographically close to New Jersey and hence, the move of legalising online gambling made sense in terms of financial returns too. Then there were those who were objecting the bill due to the possible ill effects that this legalisation might carry. But again, it all came down to the money and revenue in the end. Online Gambling is a sure way to see a steep rise in the state’s revenue and there is no denying about this fact. If the projections are to be believed, the revenue generation for the first year would be around $200 million which is a huge number in itself.
The first revenue generation of $1 million came a day after Tom Wolf signed the legalisation deal. It came into the revenue accounts, courtesy of Valley Forge Casino. They reportedly paid a hefty amount of $1 million in a bid to ease the gambling restrictions that were imposed on the people of Pennsylvania. Before the new gambling law came into play, only members, guests and patrons were allowed to use the casino’s facilities. This was due to their “resort” category license. However, this state of affairs changed quickly when the new online gambling law was passed. The changes became visible instantly as Valley Forge invited people with arms wide open to visit its facilities as it is open to the general public and there is no extra cost involved.
And surprisingly, the legislators of Republican and Democratic parties came together to set their differences aside and approved a bill that extended casino style gambling further to truck stops, airports and online portals. This bill hence allowed the opening of 10 new casinos in the state. The analysts too refer to this move as welcoming and are optimistic that the rest of states too will join the party. They mentioned that this is surely The US government loosening its tight grip on the gambling laws.
There are a few who are pessimistic about this decision, like the CEO of Paddy Power Betfair, Breon Corcoran. He is doubtful that the US market will show dramatic acceleration in the wake of Pennsylvania’s new gambling law. The future of this law still remains to be seen but one thing is for sure- the government and the gamblers are going to have a good time.