Pennsylvania’s lawmakers already introduced a $32 billion budget plan, but now the officials are facing the biggest problem to fund it, as the state run into deep financial troubles some time ago. To figure out the revenue package supposed to fund the government, lawmakers agreed on including the controversial gaming bill, as it is believed that it can help the state’s worn out treasury with $200 million in tax revenues.
After a session, which took place on Wednesday, the officials decided to raise the taxes in an attempt to patch the depleted budget and fill the gap of $2.2 billion. Among all the other options, the officials highlighted the regulation of the iGaming industry as a good strategy to support the budget.
This is not the first time, in which the legislators are discussing the development of the iGaming industry in the state. The main setback in front of the bill was that the House and the Senate could not agree on certain topics. The moot point between the two chambers was the installation of video gaming terminals (VGTs) in public places. The opponents of the VGTs backed up their position with the fact that these can “steal” the brick-and-mortar’s customers, which will decrease the revenues, which the government reaps from them.
The debate slowed down the process, as the two opposing parties introduced their own gaming bills. But the beginning of the fiscal year on 1st July made it necessary for the lawmakers to find sources of revenues in order to fill the gap in the budget. Hence, the two chambers placed once again the gaming bill on the table of discussion, aiming to reach a consensus regarding the way the gaming bill should look like.
Specialists explained that it is possible for the gambling industry to attract a $200 million gross gaming revenue by the end of the year. Moreover, the lawmakers will allow the opening of new satellite casinos.
As part of the revenue package to fund the government’s budget, the legislators discussed new amendments in the daily fantasy sports regulations and the online sales of lottery tickets. Currently, the two parties are aiming to patch up the differences and introduce an adequate and efficient plan to fund the budget.
Pennsylvania’s budget deficiency outlines a bright feature for the online gambling industry in the state, as lawmakers recognized the advantages of regulating it. Currently, the gaming bill appeared in the budget-funding plan and its further development is in the hands of the state’s officials.