My guess is the right people get their palms greased, etc and that 34-36% could come down but the state is smart to start off with 10m/35%. Booking bets legally is a license to print $ and I'd certainly make a corporation pay for that privilege if I were a bureaucrat.
I mean even Indians print $ with this business model, it's a nice hustle if you can get it.
Not really labor/capital intensive like casino/table games either.
I mean even Indians print $ with this business model, it's a nice hustle if you can get it.
Not really labor/capital intensive like casino/table games either.
I do think it's gonna suck if you're a bookie in 1 of these states. A good percentage of the people that are going to continue to bet on credit with you are going to be the type of people that need to bet on credit. And in the real world, most bookies can't just go breaking peoples legs like they're Tony Soprano with Davvy Scatino. Your clientele is just likely going to get a lot worse.
Casinos are just an add on to their margins already that they know it's going to be some kind of profit either way that it's a win/win for the casino's that are getting sports betting now. No reason to be scared of the taxes. Even if it take 10 years to break even, after that it's basically all gravy
It depends how the bets are taken but if you're allowed to book bets on the internet then that's going to make a major difference.
If the bettor has to go into a physical location and there are only like 10 of them per operator in the entire state then the overall volume of bets is going to be lower and the overhead is going to be higher and thus 35% could be problematic. But I'd still bet on more than a few big wigs paying close to the initial demand.
It's just such a gravy business, there's a reason even your bookie can do it.
If the bettor has to go into a physical location and there are only like 10 of them per operator in the entire state then the overall volume of bets is going to be lower and the overhead is going to be higher and thus 35% could be problematic. But I'd still bet on more than a few big wigs paying close to the initial demand.
It's just such a gravy business, there's a reason even your bookie can do it.
Pa will have mobile/internet betting, it was written in when they passed legal sports betting. Also, the casinos who will be the buyers of the licenses are allowed to take bets from temporary physical locations for 18 months while the casinos get the sports books set up........I'm assuming OTB's, the OTB's are also written in to where they can take bets.
I don't know if the mobile will be up & running right away, but its gonna be a big factor in Pa, along with online poker & online casinos......also the Pa online poker will be hooked up to other states like Delaware, Nevada & NJ from what I read.
Also, for mobile sports betting, your IP will need to be in Pa, I read you won't be able to bet out of state, you will need to be physically in Pa.
Pa pays 54% taxes on slots, the most in america & Pa has 12 casinos & opening a new one in 2020 in Philly next to Eagles stadium with a hotel.
Also, several mini-casinos will open up.in Pa over the next 2 years.
Yes, & people wonder if a tax rate is so high, you can't make money........obviously Pa is doing just fine in the casino industry.
Pennsylvania, already second only to Nevada in commercial casino revenues in america, have approved the biggest expansion ......the Republican-controlled House of Representatives approved and sent to Democratic Gov. Tom Wolf a bill to extend casino-style gambling to truck stops, online portals and airports, and to allow 10 new mini-casinos to open in a state that already has a dozen casinos operating.
And now online casinos, online poker, & legal sports betting with mobile app will be installed by the 4th Q of 2018.
Nevada takes in about $10.8 billion in gaming revenue a year, Pennsylvania $3.4 billion, New Jersey $3 billion
It should say casino revenue for each state.
