Sports betting now part of PA gambling expansion

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photo by Scott LaMar WITF files

What to look for on Smart Talk Thursday, May 17, 2018:

Earlier this week, the U.S. Supreme Court made a ruling on a New Jersey case that essentially legalizes gambling on sporting events.  The decision was met with happiness by many who play fantasy sports games or have bet on games illegally in the past.

Pennsylvania lawmakers approved expansion of gambling last year and sports betting was taken into consideration, but that doesn’t mean the state is ready to roll it out immediately.  In fact, it may be some time before bets can be placed on sporting events in Pennsylvania.  New Jersey has indicated in could be ready to accept bets within the next few weeks.

Regulators in Pennsylvania still have to decide how odds and point spreads will be set, whether wagers can be placed on line and what minimum and maximum bets will be taken.

The state’s casinos can apply for licenses to offer betting on sports.  Those licenses may cost upwards of $10 million.  There will be a 34% tax rate on the house’s winnings.

Sports wagering comes on the heels of a significant gambling expansion last fall in Pennsylvania.

Appearing on Thursday’s Smart Talk to discuss sports gambling and the expansion of other games in the state are Doug Harbach of the Pennsylvania Gaming Control Board and Josh Ercole, Chief Operating Officer at Compulsive Gambling of Pennsylvania.

Pennsylvania’s businesses are optimistic about the national and state economies and the prospects for their own businesses.  That’s according to the PNC Economic Outlook Survey of Small and Middle Market Business Owners.

PNC Senior Vice President and Chief Economist Gus Faucher is on Thursday’s Smart Talk with details and analysis.