4 responses

  1. Phlea
    August 19, 2018

    One would think that, in Philadelphia, with several bookies in every neighborhood–there are even whole bars in many neighborhoods where bookies work out of (they are referred to by the public as “gambling bars”)–casinos in or near the city would be dying to get in on the sports action. Especially with a new casino opening between Sugarhouse and Harrah’s in Chester.

    I don’t understand why Sugarhouse would not jump at the opportunity. They brag about being “Philadelphia’s only casino”; though I’m not surprised. It took them five years, after opening to get a poker room and my guess is they are happy gouging the slot, video poker, roulette, and blackjack players.

    I have yet to get over to Atlantic City and place a bet but plan on doing so in the not-too-distant future. I’ve never made a legal bet in a casino so it’s something for me to get at least a little excited about.

    Reply

    • Captain Jack
      August 19, 2018

      The trouble for those Philly casinos is that it is hard to make the numbers add up to warrant opening a sports book. Typical hold percentage for a sports book is roughly 5%. If you estimate the monthly cost of running a sports book with vendor fees, salaries, regulation, and operational costs to be $2 million per month and then you add the licensing fee on top of that and a 36% tax rate. I would estimate a sports book would need to have a monthly handle of $50 million in order to break-even. All of the NJ sports books COMBINED had a handle of $40.7 million last month.

      The only way a PA casino could be profitable with sports wagering would be to offer a product that completely fleeces the public. However, if that happens, the local bookies in the bars have won. They’ll have the superior product and it won’t be hard for the consumer to identify that.

      Reply

  2. Raymond Ray
    August 19, 2018

    Are illinois and Missouri doing anything?

    Reply

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