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Plenty of folks betting sports in New Jersey crossing into the state of Pennsylvania will be happy to know they can still engage in the activity, it just hasn't been with PointsBet, that is until now.
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The Australian-owned online sports wagering firm cited exorbitant taxes for its decision not to operate in PA originally.
The $10 million licensing fee isn’t the issue, but the nearly 40 percent in total taxes made it hard for them to enter, according to PointsBet US CEO Johnny Aitken.
“The tax there is very onerous. … But to go and bid for a Pennsylvania license," Aitken said. "I’m not so much concerned about the $10 million upfront (licensing) fee, but those operating taxes, which when you average it all out tips over 40 percent, it makes it very hard for us to enter, be aggressive on our offers and price, all the things we need to do to try to win money back from the black market.”
The math just didn't add up.
But PointsBet now has an in.
The company is gaining access through its partnership with well entrenched Penn National. Penn operates Hollywood Gaming at Mahoning Valley and The Meadows Casino while also maintaining its corporate headquarters in the Keystone State.
PointsBet will be able to offer its mobile betting platform through this arrangement.
- Aaron Goldstein, Gambling911.com
