HB 2497
An Act amending Title 4 (Amusements) of the Pennsylvania Consolidated Statutes, providing for event outcome prediction wagering; imposing duties on the Pennsylvania Gaming Control Board and the Department of Revenue; imposing an event outcome prediction wagering tax and local share assessment; establishing restricted receipt accounts within the State Gaming Fund and the Commonwealth Financing Authority; and imposing penalties.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill establishes a regulatory framework for event outcome prediction wagering in Pennsylvania. It creates a system for licensing platforms, imposing taxes and a local share assessment, and establishing restricted receipt accounts within state gaming funds. The bill also outlines penalties for noncompliance and addresses consumer protections, such as self-exclusion and cooling-off periods. It aligns with a non-interference approach by the Commodity Futures Trading Commission.
Key provisions
- Creates a system for licensing event outcome prediction wagering platforms.
- Imposes a 20% tax on gross event outcome prediction wagering revenue.
- Establishes a local share assessment of 2% of gross revenue.
- Creates restricted receipt accounts within the State Gaming Fund and the Commonwealth Financing Authority.
- Defines key terms related to event outcome prediction wagering, including ‘event contract’ and ‘digital service.’
- Requires platforms to implement consumer protections, such as self-exclusion and cooling-off periods.
- Establishes penalties for noncompliance with the regulations.
- Authorizes the Pennsylvania Gaming Control Board to promulgate regulations governing the operation of event outcome prediction wagering.
Who is affected
- Event outcome prediction wagering platforms
- Pennsylvania residents who participate in wagering
- The Pennsylvania Gaming Control Board
- The Department of Revenue
- The Commonwealth Financing Authority
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Benjamin Sanchez
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