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.
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.
Amusnet has announced its participation in the 23rd edition of G2E Las Vegas (Global Gaming Expo) at The Venetian Expo from October 7-10. As one of the largest expos globally, G2E provides a platform for the company to showcase products across its Online Casino, Live Casino, and Land-based verticals, positioning Amusnet as a prominent all-casino provider in the competitive iGaming industry.
“We are excited to attend G2E Las Vegas 2024 to present our latest online casino portfolio and Type S slot cabinets: our first-ever product series for Land-based casinos, designed to offer a competitive edge by combining Amusnet’s top-notch game portfolio with an immersive player experience. Our focus is on delivering solutions that maximize performance and cater to the evolving needs for both online and land-based casinos,” said Borislav Marinov, Head of Business Development, Land-based, at Amusnet.
Alongside its technical excellence, the premium Type S series showcases the company’s award-winning titles, including 20 Golden Coins, Extra Crown, Fruits & Gold, and Cocktail Rush. It also features Amusnet’s popular four-level bonus game, Jackpot Cards, along with other exciting features like Free Spins, Buy Bonus, Pick Me Bonus, and Symbol Upgrade.
Amusnet will host an activation featuring its premium slot cabinets at the upcoming expo, offering attendees the opportunity to experience the thrill of Type S in real time and win exciting gifts.
SoftGamings, the market leader in iGaming solutions and services, announced the arrival of the Tobique Gaming License on the market. The move reflects the company’s commitment to enhancing regulatory compliance and expanding its footprint in the competitive iGaming industry.
Tobique Gaming, managed by the Tobique First Nation in western New Brunswick, Canada, oversees the issuance of online gambling licenses through the Tobique Gaming Commission (TGC) — a regulatory body established under the Tobique Gaming Act of 2023. This initiative is known for its stringent standards and emphasis on responsible gaming. Furthermore, it promotes economic development within the Tobique First Nation community.
The Tobique Gaming license provides operators an entry point into the online gaming and gambling industries. With it, businesses and iGaming operators can conduct operations in various global regions and offer multiple services, from betting to casino games and lottery promotions. The best of all is the streamlined application process, which lasts only 4 to 6 weeks.
SoftGamings is fully prepared to support clients and those interested in obtaining this license. Leveraging its innovative technology and diverse game portfolio, SoftGamings is ready to support clients in navigating the application process and leveraging the benefits of the Tobique Gaming License. The company’s comprehensive services include game development, casino management systems, and payment integrations, making SoftGamings a preferred partner for numerous operators and developers worldwide.
Consequently, helping the clients obtain the Tobique Gaming license and being an entry point represents a significant milestone in SoftGamings’ ongoing efforts to refine its service offerings, maintain the highest standards of gaming integrity, and bolster its regulatory standing. As the company moves forward with this licensing process, it anticipates a positive impact on its operations and continued success in delivering exceptional gaming solutions to its global clientele.
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