Bet the house on it

Here’s a safe bet: As politicians look for new sources of income to fend off massive spending deficits to avoid cutting jobs and programs, they will increasingly turn to more legalized gambling.

All states now dabble in lottery games. A few years ago, Pennsylvania, tired of watching its residents stream across the border to neighboring Delaware and New Jersey to legally gamble, rolled the dice a bit more.
Pennsylvania instituted slots gambling as a way of easing the crush of property taxes in the state. There are now seven slots operations up and running in the state, including Harrah’s Chester Casino & Racetrack.
Another one will open soon in Bethlehem, and two more are likely to go online in Philly in the coming year.

Now Delaware is upping the ante. The Delaware state Senate yesterday OK’d a plan to legalize sports betting in the Diamond State. This is the Holy Grail of betting. The move would make Delaware the only state east of the Mississippi where you could legally wager on sports events.

Gov. Jack Markell has indicated he will sign the measure into law about as fast as it hits his desk.

As you can imagine, the folks at the NFL, NBA and NCAA are not nearly enthused. The plan could still face a legal challenge.

Pennsylvania does not have this option. Delaware is one of only four states, along with Nevada, Montana and Oregon, that was exempted from a
1992 federal law banning sports gambling.

It would provide Delaware with a big edge over Pennsylvania in terms of luring gamblers. And it of course would not be especially good news at Harrah’s, which just happens to be the only one of the seven slots operations in Pennsylvania where revenue is down from a year ago.

The new law would allow Delaware to add sports betting at its three existing slots locations.

How much money are we talking about? The state estimates it will bring in $52 million in the first year.

And one other thing that no doubt will raise a few eyebrows down at Harrah’s. The Delaware law also legalizes table games at state casinos.

Look for that to become part of the discussion in Pennsylvania.

You might say you can bet the house on it.

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