Penn was originally against expanded gambling, but when its opposition efforts fell flat, decided to go all-in to protect its flagship Hollywood Casino property. Confirmed: Penn National and ParxĪfter months of silence, the Pennsylvania Gaming Control Board (PGCB) announced that Penn National, proud owner of a $10 million online gambling license and two satellite casinos, was the first to submit a sports betting application.
Here’s how we think the situation might play out, and which casinos might be the next to get into the game. The fee structure has made many casinos rethink their sports betting plans, and question if the low-margin vertical can even be profitable in such an environment.Įven so, it’s highly likely that many, if not the majority of PA casinos will eventually pony up the cash and claim their own sports betting license. While many of PA’s slots licensees would like nothing more than to open their own live and online sportsbooks, PA has put a damper on the process by charging an outlandish $10 million licensing fee and applying an oppressive 36% tax on gross gaming revenue.
Nearly four months have passed since PA regulators began accepting sports betting licensing applications from state casinos, yet only two properties have so far taken the plunge.
