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Philadelphia Arena to Unveil Sportsbook Ahead of Venue’s Inauguration

Pennsylvania pioneered sports gambling after a U.S court rule in their favor in 2018. The state has continued to make steps forward with robust plans that seem to scream of success, and it is expected that sports wagering is going to do very well.

Sports wagering just received a new boost after a stadium in Philadelphia announced its plan to launch a Sportsbook, even though the venue itself is not ready yet. As stated by the Pennsylvania Inquirer, the Gaming Control board (PGCB) has permitted Stadium Casino LLC, the entity that runs Philadelphia’s live Casino and hotel, to begin sports wagering services.

The sportsbooks will be up and running in the next few months, although the casino itself will not be ready to operate for the future once year. The PGCB agrees with Cordish Gaming group that the law in Philadelphia that allows sports wagering does not require that a sportsbook should be launched only when they have a brick and mortar facility up and running.

This decision means Stadium Casino will be able to start realizing profits before they build a physical establishment. Cordish is in the process of closing a deal with operators to have sports betting business rolling. Since a license will set them back $10 million, getting the wagering business going is essential for the firm.

The company hopes that their stadium will be launched before the end of 2020. Currently, they are making the right steps. A topping-off ceremony is underway as the construction of the hotel has reached 12 stories.

Cordish is also in the process of building a mini-casino in Philadelphia, although they are facing challenges. Executives at Cordish had erroneously assumed that their gaming license would also include their smaller property. However, the PGCB stated that this is not the case, and they should pay another $10 million.

According to Cordish, this is not justifiable, and they are drawing the PGCB’s attention to the fact that racetrack casinos can operate satellite Sportsbooks with a primary license. No response has been issued by the PGCB, but they indicated that they would conclude once they get a chance to meet.

Source: https://calvinayre.com/2019/10/31/business/philadelphia-stadium-to-launch-sportsbook-ahead-of-the-venues-opening/

About the author

Catherine Wambui

Catherine Wambui

Catherine Nyaga is a freelance writer covering Real Estate and Technology. Her other interests include Nature, pets and accounting. She recently graduate from Nairobi University with a degree in Accounting.

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