New gambling law hands Pennsylvania its first $1M

New gambling law hands Pennsylvania its first $1M

Pennsylvania has earned its first $1 million after Pennsylvania Gov. Tom Wolf signed a legislation authorizing a major expansion of gambling.

The first million that went into the state coffers came from Valley Forge Casino, according to The Associated Press.

Valley Forge reportedly paid $1 million in fee in order to ease the gambling restrictions imposed on people who aren’t taking part in other amenities there.

Before the new gambling law was enacted, the casino floor of Valley Forge was limited only to guests, membership holders and patrons. The limits were set by the facility’s “resort” category license.

This limitation, however, was taken away from the state’s two licensed resort casinos when Wolf signed the gambling expansion law.

In its website, Valley Forge has invited people from all walks of life to visit their establishment since it is now open to the public at no cost.

Republican and Democratic legislators had set aside their political differences to approve a bill to extend casino-style gambling to truck stops, online portals and airports, and to allow 10 new mini-casinos to open in the state.

Gov. Wolf has expressed support to the legislation especially when it means plugging the budget hole. On Monday, the Pennsylvania governor approved his state to become the fourth in the land to permit legal online gambling.

Many analysts are seeing the developments in Pennsylvania as a sign that the U.S. is slowly loosening its betting laws – except outgoing Paddy Power-Betfair Chief Executive Breon Corcoran.

The Irish Examiner reported that Corcoran has doubted whether the U.S. market will liberalize gambling in the country in the wake of recent signing of Pennsylvania gambling law.

He doused off speculations that the British bookmaker will double its bet in the U.S., following the acquisition of early-stage daily fantasy sports operator DRAFT and through its TVG online horse racing outlet.

For now, Paddy Power Chief Financial Officer Alex Gersh said that they are closely watching the developments in the US and is ready to jump into the market if proven wrong.

 


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November 8, 2017: posted in News And Reviews No Comments

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