iGaming Industry
Massive borrowing, gambling bills advance in Pennsylvania budget scramble
The last cinderblocks in a four-month stalemate over how to fix Pennsylvania’s deficit-riddled finances began falling Wednesday as Pennsylvania lawmakers worked into the night to advance massive borrowing and casino gambling measures.
Hundreds of pages of legislation — including a 470-page gambling bill first unveiled Wednesday evening — moved through the Legislature as top lawmakers bowed to concessions they had resisted since mid-summer.
The Senate voted 31-19 to approve its just-unveiled, far-reaching gambling expansion plan after months of talks as part of a wider budget agreement. Efforts to win its quick passage in the House ran late into Wednesday night, and debate was to continue Thursday morning.
Under it, Pennsylvania, already the nation’s No. 2 commercial casino state, could see casino-style gambling in truck stops, airports, online portals and 10 brand new casino locations around the state, each with hundreds of slot machines and possibly table games.
It also would make Pennsylvania the first state to allow both casino and lottery games online, in a quest for money from new and younger players. Bars would be frozen out of the package, despite the House’s long insistence that a gambling expansion should favor those businesses, rather than casino operators.
In House debate, House Gaming Oversight Committee Chairman Scott Petri, R-Bucks, warned lawmakers not to pass something that they had not read, and that the bill carried a raft of unintended consequences.
“If you pass this bill, you will see an explosion of gambling in Pennsylvania like you’ve never seen before,” Petri said.
The bill’s license fees and taxes on higher gambling losses is projected to net upward of $200 million a year for Pennsylvania, a state that already netted $1.4 billion in taxes from the industry last year.
However, Pennsylvania-headquartered Penn National said it will consider suing over the gambling package, if it becomes law, because of the “uniquely punitive impact” on the Hollywood Casino it owns in suburban Harrisburg.
Earlier Wednesday, the Senate approved a House plan that revolves around borrowing $1.5 billion — with interest, payback likely would cost more than $2 billion over 20 years — and a grab bag of tax increases that is projected to yield as much as $140 million a year. For months, the Senate and Democratic Gov. Tom Wolf had sought a larger tax package and a lower borrowing limit, but ultimately found unyielding opposition from House Republicans.
Public finance analysts generally regard borrowing to pay operating costs as bad fiscal practice, and a last resort for a state in fiscal distress.
Along with tapping $500 million from off-budget funds, Senate Majority Leader Jake Corman, R-Centre, said gambling, tax and borrowing package should carry the current year’s spending, as well as next year’s.
“This should bring closure to the budget,” Corman said.
Pennsylvania has had spending authority since the fiscal year began July 1 under a nearly $32 billion budget bill that lawmakers overwhelmingly approved. However, it had a gaping, $2.2 billion hole in it, largely from state government’s biggest cash shortfall since the recession, and the ugly fight over how to fill it has pitted Wolf and the Republican-controlled Senate against the Republican-controlled House.
With perhaps a dozen budget-related bills passing the House and Senate this week, Wolf would not give his blessing to the package Wednesday. His office would only say that he would evaluate the bills.
“These bills contain many policy changes and deserve a full vetting,” Wolf’s office said.
In many ways, Wolf had moved on from the budget fight.
Three weeks ago, Wolf began exploring borrowing and cost-cutting avenues without the involvement of lawmakers, declaring he was finished waiting for House Republicans to compromise.
Paying bills on time has required short-term loans from the Treasury Department and more is expected to be necessary, with a $1.2 billion payment due to public schools Thursday.
The state did not emerge unscathed from the budget standoff. It got slapped with another credit downgrade, which will add more than $50 million a year in borrowing costs, according to Wolf’s office.
Amid threats of a mid-year tuition increase for tens of thousands of in-state students, the House released roughly $650 million in aid to Temple, Pitt, Lincoln, the University of Pennsylvania’s veterinary school and Penn State and its agricultural research and extension programs.
With lawmakers itching to depart the Capitol until November, a debate over imposing a tax on Marcellus Shale natural gas production will wait indefinitely, amid opposition by Republican leaders there.
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Source: EEGaming.
Alejandro Navarro
Betski Secures $345,000 in Pre-Seed Funding for First-ever Tokenized Casino Ownership Platform
Betski is set to launch its online casino ownership platform in Q1 of 2025, enabling users to earn casino profits through digital tokens. The system will allow anyone to receive a share of casino earnings without managing casino operations, marking a new chapter in the multi-billion-dollar iGaming industry. Supported by a $345,000 pre-seed funding round, the platform aims to democratize access to casino earnings and reshape the multi-billion-dollar gaming industry.
Opening Casino Ownership to Everyone
The platform’s tokenization system reshapes traditional casino business rules through an automatic profit-sharing program. Token holders receive a percentage of every bet placed on the platform.
This system eliminates steep entry costs, such as operational expenses, licensing fees, and administrative management. Users can start earning returns without previous casino experience or large capital investments.
“A small group have exclusively enjoyed casino industry profits until now. Our platform opens these earnings to everyone through our tokenized profit-sharing system, turning users into online casino owners,” said Alejandro Navarro, founder and CEO of Betski.
Direct Profit-Sharing Through Tokens
Through a verified digital system, the ownership program distributes Gross Gaming Revenue (GGR) among token holders. Investors have recognized this potential, contributing $345,000 in pre-seed funding that combines gaming entertainment with digital asset ownership. The platform maintains strict security protocols and automated distribution systems for reliable profit sharing.
“The platform distributes real money to token holders from every bet placed by players. This creates a steady income stream for online casino owners – something the traditional casino structure has never offered,” said Navarro.
Global Growth of Online Casino Ownership
The platform has attracted 2400 active Discord members and over 20,000 followers on X (formerly Twitter). These early adopters are expected to participate in test runs of the profit-sharing system once it goes live. Over the next 24 months, the platform will roll out first in Latin America, followed by expansion into European and select Asian markets.
Betski offers casino games, live casino experiences, eSports betting, global lotteries, fantasy sports, and traditional sportsbooks. This variety creates multiple revenue streams for online casino owners. Players can access all gaming options through a single interface, which streamlines the betting experience and maximizes potential returns for token holders.
The team has partnered with major payment processors and marketing agencies to support the platform’s global expansion. These collaborations will facilitate smooth transactions and user acquisition across different regions. The platform meets all regulatory requirements in its target markets, certifying long-term stability for token holders.
New Opportunities for Investment
Following the successful pre-seed round, Betski is now opening its seed funding round to welcome additional participants into its casino ownership platform. This investment opportunity enables individuals and entities to join the platform’s growth journey ahead of its official launch in Q1 2025.
eCOGRA, a leading international authority in Testing, Inspection and Certification services for the iGaming industry, has secured new regulatory approvals across three key jurisdictions: Arizona, Indiana and Panama. With these developments, eCOGRA strengthens its position in the U.S. and Latin American markets, offering excellence in compliance through their Quality, Speed, and Service promise.
This strategic expansion allows eCOGRA to conduct independent compliance audits and certification services in each region, addressing the growing demand for rigorous regulatory oversight in the fast-evolving global iGaming industry.
Securing approval in Arizona, where eCOGRA has now been licensed as an Event Wagering Ancillary Supplier, enables the International Testing Laboratory (ITL) to audit event wagering licensees in line with Arizona’s expanding regulatory landscape. Indiana, which introduced online sports betting in September 2019, has authorised eCOGRA to perform regulatory compliance audits, providing licensed operators with crucial assurance in meeting the state’s high standards.
In Panama, the Board of Gaming Control officially recognised eCOGRA as an Authorised Entity for Compliance Certification, specifically for slot machines and gaming software. This endorsement reinforces eCOGRA’s role as a trusted partner for operators seeking to meet stringent regulatory requirements in Latin America’s emerging iGaming sector.
“Our recent approvals in Indiana, Arizona, and Panama underline our dedication to continually expand our offering, to support our growing portfolio of clients with their global growth plans. We are committed to ensuring that we bring the same quality, speed and service that marks us out to both our clients and regulators in these dynamic markets,” said Will Shuckburgh, Group CEO of eCOGRA.
Bradley Khoury, Chief Technology Officer at eCOGRA, said: “Securing licensure as an Event Wagering Ancillary Supplier in Arizona and an Authorised Entity in Panama underscores our dedication to supporting responsible and sustainable iGaming operations. We are committed to driving trust and accountability within the industry by providing compliance solutions that uphold the highest standards.”
BetConstruct, a global leader in the iGaming industry, is going to showcase its cutting-edge solutions at the highly anticipated Global Gaming Expo (G2E), taking place from October 7-10.
As the premier event for the global gaming industry, G2E serves as a hub for innovation, driving growth by bringing together industry professionals from around the world to foster business opportunities.
Taking place at The Venetian Expo in Las Vegas, this all-in-one event features both an education program from October 7-10 and an expansive expo hall running from October 8-10.
BetConstruct’s stand is 5230, where the team will showcase an exciting range of products, including the newly launched the Last Battle, a novel loyalty system that is the byproduct of BetConstruct’s commitment to innovation. The company will also demonstrate its comprehensive Sportsbook and Casino Suite, along with DECA, its next-level decentralised casino platform, and Umbrella, an AI-powered risk management solution. These offerings are designed to meet the needs of a diverse range of operators, ensuring seamless and engaging experiences for players across the regulated market.
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