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Pennsylvania Senate May Turn To Online Gambling for Funds

Pennsylvania Senate May Turn To Online Gambling for Funds

It seems that Pennsylvania needs funds and sooner rather than later as their budget gap is growing.

It’s estimated that the state will be short more than $1 billion. The Senate panel heard testimony this week around possibly legalizing Internet gambling in Pennsylvania.

Pennsylvania Senate May Turn To Online Gambling for Funds

The Pennsylvania Senate is debating legalizing online gambling to supplement their budget needs.

According to a study by Econsult Solutions, hired by the Legislature to investigate legalizing online gambling, online casino and poker could generate $180 million in the first year and $300 million in subsequent years.

Some of the concerns is that the taxes from these revenues will come from individuals who can least can afford it.  Other concerns are that online gambling could damage the interests of those with land-based casinos.
Senator Robert Tomlinson, who is spearheading efforts to allow slot machines, said that he would want to ensure that casinos would not be harmed and that there is sufficient protection for problem gamblers.

But the reality of all the debate is that it would take at least a year before any legislation would come into force, if not longer, which will certainly not solve any immediate budget shortfalls.

With states like New Jersey, Delaware and Nevada already offering online gambling and revenues reaching far from projections, will online gambling really produce the revenues that Pennsylvania needs?

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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