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Pennsylvania Approves Study into Online Gambling

Pennsylvania Approves Study into Online Gambling

More and more US states are beginning to come around to the idea of online gambling and it seems Pennsylvania may be next. This week a Senate committee approved a legislature study on whether legalization of the industry should take place in the future.

Pennsylvania Approves Study into Online Gambling

A Pennsylvanian senate committee has approved a legislature study into the legalization of online gambling.

The resolution didn’t specify which types of online gambling would be allowed, however, if the resolution passes a Senate vote then the results of the study would need to be presented by May 2014 so that lawmakers can introduce any changes into next year’s budget by July 2014.

Pennsylvania is projecting a two year deficit of $839 million by 2015. Legalizing online gambling could help reduce the state’s financial problems thanks to revenue, taxation and licensing fees. However, strong opposition to legalization is expected.

Pennsylvania will have to give the idea serious consideration if it hopes to keep competing with its neighboring states. It is already thought that the state’s casino industry will suffer from the introduction of online gambling in New Jersey.

On the other hand Sheldon Adelson, the owner of Las Vegas Sands, which operates the state’s most successful gambling resort, has said that he is committed to preventing the legalization of online gambling. Adelson has claimed it is for moral reasons, however, most analysts suspect it is to protect his business interests.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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