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The Pros and Cons of Gambling Are Reviewed By Panel in Massachusetts

The Pros and Cons of Gambling Are Reviewed By Panel in Massachusetts

The Massachusetts Gambling Commission recently held an all-day hearing in order to analyze what the impact will be should gambling be legalized in the state.

One of the concerns is that the introduction of gambling could reduce the revenues that are currently being produced by the state lottery which would then need to be generated by taxes on these casinos.

Last month, the commissioners awarded the state’s first gambling license for expansion to Penn National Gaming. Penn is planning on building a parlor for slots in Plainville at the Plainridge racetrack.

Meanwhile, the panel will complete the process of awarding other licenses for resort casinos in Western Massachusetts and in the greater Boston later this year. As a result, Stephen Crosby, who is the Chairman of the Commission, has recommended that decisions regarding online gambling should be placed on hold until the casino licenses are awarded.

According to a recent survey by Gambling Compliance, Nevada, Delaware and New Jersey currently allow certain forms of online gambling while ten other states are considering bills.

Stanley Rosenberg, who is the State Senate Majority Leader, clearly stated that while internet gambling is a reality of the future, it is vital to understand the potential effect that this could have on revenue from future casinos and lottery sales to the state.

Crosby also emphasized that issues like gambling addiction, need to be addressed before decisions are made.

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.