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DELAWARE ALREADY BUDGETING FOR SPORTSBETTING

Delaware governor Jack Markell may not yet have full political authority from the state legislature to introduce sports betting, but he's budgetting for it this year to improve the cash-strapped state's revenues.
 
The Street reports that the state budget features tough pay cuts for state employees as high as 8 percent, together with increased medical plan contributions in an attempt to reduce state spending by some $330 million. Markell's proposals include reducing vacant positions, cutting back on the use of contractors and consultants, limiting a property tax rebate for elderly residents to those below a certain income level, and grounding state police aircraft.
 
Markell's proposed tax increases for the fiscal year starting July 1 total about $166 million. They include raising the state cigarette tax by 45 cents a pack, the alcohol tax by 50 percent, and the personal income tax rate for income over $60 000 by 1 percent. Increases in the corporate franchise, gross receipts and public utility taxes also are being proposed. The corporate franchise increase alone could raise more than $97 million next year, according to administration officials.
 
The governor's proposed sports betting lottery is projected to deliver some $55 million in its first year.
 
By virtue of a brief and unsuccessful experiment with a sports lottery in the late 1970s, Delaware is one of only four states, along with Nevada, Montana and Oregon, grandfathered under a 1992 federal law that bans sports gambling. Delaware's status as the only state east of the Mississippi River that can offer sports betting could provide an economic buffer against slot machine competition in neighbouring Pennsylvania and Maryland.
 
In addition to allowing sports betting at the state's three existing slot machine casinos, Markell wants lawmakers to approve competition for those casinos by authorising up to three new slot machine/sports betting casinos, as well as 10 sports-betting only venues. His proposal to increase the state share of slot machine revenue also is expected to generate opposition from the existing casinos.

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Gambling News :

Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

EU Online Gambling Tax Harmoney Dead - Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.

Jack Lam Facing Big Fines in the Philippines - It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.

Walter Merricks Term As Gambing Commissioner Extended - The UK Government has extended Walter Merricks’ term as Commissioner of the Gambling Commission for a further year, ending December 31, 2017.

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

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