A Pennsylvania sports betting bill has been introduced by State Rep. Rob Matzie (D-District 16) that seeks to allow residents in the Keystone State to place financial wagers on sporting outcomes should a federal law be repealed.
James Franklin’s Penn State football team provided large payouts for fans who backed the Nittany Lions last fall, and a Pennsylvania sports betting bill has been introduced to keep those monies inside the Commonwealth.
House Bill 519 would allow the business of accepting wagers on sporting events or on the individual performance of athletes. Traditional Vegas sports betting formats including straight bets, moneylines, parlays, exchange wagering, and pools would all be authorized. However, Matzie’s bill wouldn’t legalize daily fantasy sports.
‘Sports betting is a $400 billion business in the United States,’ Matzie said in a statement. ‘Most of that betting takes place illegally, through bookies and offshore wagering companies. This bill would position Pennsylvania’s casinos to be among the leaders in sports betting as soon as the legal hurdles are removed.’
Those legal hurdles are complex, as sports betting is currently outlawed in all but Nevada. For that to change, a federal statute passed in 1992, the Professional and Amateur Sports Protection Act (PASPA), would need to be repealed by Congress.
Pennsylvania is currently considering a massive gambling expansion packa (more…)