Pennsylvania Stars Forming Sportsbetting Regulation

This week lawmakers in Pennsylvania began working to put in regulations for a potential sportsbetting market, spelling out licenses and fees that would ened to be paid.

Operators looking to offer sportsbetting services in the Keystone State will have to pay a $10 million licensing fee, with revenues derived from sportsbetting taxed at 36%. These proposed fees aren't sitting well with operators, who're pointing out that New Jersey isn't charging a licensing fee and that tax rates are between 10 and 13 percent. West Virginia will have a $100,000 fee and a 10% tax rate. Speaking to lawmakers, gambling firm Penn National said, "Since 95% of sports wagers are returned to winning bettors, we estimate losing 40 cents on every $100 wagered."

Sports teams are also trying to get their fingers in the pie, with the Pittsburgh Pirates of the MLB as well as Penn State University and the University of Pittsburgh looking to get some money from operators to keep up facilities or ensure compliance for employees and athletes.

Comments from these organizations as well as others in Pennsylvania are being considered before final regulations are put to a vote.

We'll be keeping up on this story and updating readers as we learn more.