Harrah’s applies for sports betting license in Pennsylvania

Sports Betting

Harrah’s Philadelphia Casino & Racetrack became the third casino to apply for a sports-wagering license, the Pennsylvania Gaming Control Board announced this week.

It comes despite the upfront $10 million fee, plus what’s largely seen as an exorbitant 36 percent tax on gross winnings.

As currently regulated, Pennsylvania casinos operating sportsbooks will need to share 34 percent of their sports wagering revenues with the state that will go to the General Fund, plus an additional two percent that will be used “exclusively for grants for projects in the public interest in the Commonwealth.”

Compared with neighboring states that have moved to legalize sports betting after the Supreme Court’s federal repeal of the prohibition in May, critics say Keystone State lawmakers set the tax far too high.

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