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Pennsylvania legislator justified high betting taxes



Pennsylvania-betting-taxes Pennsylvania legislator justified high betting taxesReading Time: 2 minutes


Rep. Robert Matzie,  the Pennsylvania legislator who played a big role in drafting the sports betting legislation of the state, said the number of sports betting applicants and their eagerness to start business justify the high taxes imposed in the legislation.

As per the state’s legislation, the betting companies will have to part with 36 per cent of their earnings as tax. Still, the Pennsylvania Gaming Control Board (PGCB) received sports betting license applications from Hollywood Casino and Parx , committing the $10 million fee.

As far as state is concerned that’s enough to prove that the exorbitant 36 per cent sports betting tax rate is not too high for the market to bear.

Matzieis understandably jubilant: “Since the dominoes have begun to fall with the two filings, I think it’s inevitable the rest will also,”

Matzie was the sponsor of the original legislation that led to state-regulated sports betting in Pennsylvania.

Voters have something to thank him for, but the sports betting companies may not be quite so enthusiastic.

They will be hoping that over time, PA lawmakers will revisit the tax issue and bring taxes into line with those in Nevada (6.75 per cent) or New Jersey (8 per cent in casinos and racetracks, 12 per cent for online sports betting).

Matzie isn’t offering any support for their position: “I thought all along it was a non-starter to open anything up [in terms of the tax rate], and I think this pretty much puts the nail in the coffin.”

Matzie originally had the sports betting tax rate at 18 per cent, the same as the table games rate. After further examination, the rate was simply doubled because sports betting was considered to be more similar to slots, which are taxed at 54 per cent.

Matzie should not be too quick to gloat over casinos paying the high tax rate. The enthusiasm of casinos to apply for sports betting licenses doesn’t mean that the high taxes are workable for them.

If the experience of regulated sports betting in Europe is a guide, then the short-term future does not look good.

After five years of regulated sports betting in France, only three sports betting operators had managed to make a profit in any quarter. France has taxes that are roughly at the same level as Pennsylvania.

Players also react to high taxes.

In France, around 40 per cent of sports bettors ignore the nationally regulated sites to play at unregulated sites which offer better odds. In Portugal, which has taxes set at 16 per cent of sports betting handle, the figure is even worse.

A report from Copenhagen Economics states that only 52 per cent of online gambling in Portugal takes place at nationally regulated sites.

In the UK and Denmark which have 15 per cent and 20 per cent tax rates respectively, only a few per cent of players play at unlicensed sites.

The knock on effect is significant. Copenhagen Economics found that state tax revenues start to reduce when taxes get over 20 per cent.

The 36 per cent rate in Pennsylvania may look good to lawmakers, but state budget accountants would not be as impressed.



Source: Latest News on European Gaming Media Network

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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CT Gaming Interactive Releases Cherry Crown



3-2 CT Gaming Interactive Releases Cherry Crown
3-2-1 CT Gaming Interactive Releases Cherry CrownReading Time: < 1 minute


CT Gaming Interactive has released its latest online slot “Cherry Crown.” The game features a fruit theme with a bright design and good sound effects.

The game has scatter – Star, that brings a win, regardless on the reels it appears. The Crown symbol allows increasing of wins significantly. When appearing on the reel, it will fill the reels nearby to make the most successful combination.

The prizes and bonuses of the slot are available during the main game. The wins could be increased in card doubles with simple rules. All the correctly guessed values will double or even increase by four times the win received in the main game.

“The inspired light show style graphics with a visual feast of falling fruit pieces, pulls out all the stops in showing just how exciting a fruits style slot game can be. The prizes and bonuses of the slot are available during the main game,” Lachezar Petrov, Head of CT Gaming Interactive, said.

“Cherry Crown offers smooth and uninterrupted gameplay which can be enjoyed by players of all levels“, Lahezar Petrov added.

Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: CT Gaming Interactive Releases Cherry Crown

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Zimpler Announces Expansion to the EU and the UK



2-3 Zimpler Announces Expansion to the EU and the UK
2-3-1 Zimpler Announces Expansion to the EU and the UKReading Time: < 1 minute


Fintech company Zimpler has announced its expansion into the EU and the UK.

Zimpler is a Swedish Fintech company that manages transactions between end users and businesses. Now, they leave the Nordics and will enable companies to do instant payouts to customers in the EU and UK within the year.

“Payouts is medieval outside of the Nordics. Today you will have to wait for days before you get your money into your bank account, with our solution it will take seconds,” Jonas Persson, VP sales at Zimpler, said.

First to go live with the solution is iGaming company Videoslots.

“We have been working with Zimpler in the Swedish market for many years and we are thrilled with how constructive and solution-oriented they are in all situations. That they now expand their solution to other European markets is fantastic news and it will change the market at its core,” Ali Atam, CMO at Videoslots, said.

Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Zimpler Announces Expansion to the EU and the UK

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Gauselmann Group Opens New Venues in UK



1-3 Gauselmann Group Opens New Venues in UK
1-3-1 Gauselmann Group Opens New Venues in UKReading Time: < 1 minute


German gambling company Gauselmann group has gone one step further by investing in the high street and launching its Merkur Slots brand nationally. The company has opened three brand-new venues in Southall, Hornchurch and Lancaster on July 4.

Gauselmann group plans to open many more Merkur Slots venues across the UK this year. The company will open with three more venues in Saltash, Bolton and Wolverhampton, this month.

“This is a very exciting time for the Merkur Slots brand. So many companies haven’t survived the effects of the pandemic and we are delighted to be able to give customers a brand-new experience in locations where we don’t currently have a presence. It means a lot to us to be part of kick-starting the high street again and supporting the local community with new job opportunities,” Mark Schertle, COO of Gauselmann group, said.

Merkur Slots provides the latest in digital venues. All machines and advertising are fully digitised and customers will be able to enjoy all of their favourite games, as well as the latest in Blueprint games.

All venues will be COVID-secure, with Gauselmann group implementing an “Open, clean, safe” campaign which will focus heavily on ensuring new safety precautions are in-place and everything is communicated effectively with customers, via social channels and the official website.

“We look forward to welcoming customers back to gaming after a small hiatus and we feel we have a unique edge in that we can offer them brand-new, modern venues that have been designed with social distancing in mind. Customers can game with total confidence. Thank you to all our staff who have worked tirelessly to get the venues up and running ahead of opening,” Schertle said.

Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Gauselmann Group Opens New Venues in UK

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