Penn National Goes All In and Places Big Bet Online
The Pennsylvania-based casino group, Penn National has finally taken the plunge and become the first local betting conglomerate to apply for a license to operate a sports betting website in the state. Pennsylvania is the fourth state in the U.S. to legalize Online gambling, despite federal restrictions remaining in place regarding sports betting. Pennsylvania is asking for a $10 million application fee for each license and proof of an investment in the long-term investment each company hopes to make.
Penn National already operates the Hollywood Casino in Pennsylvania and hopes to refurbish much of the casino site to use as the headquarters for the planned sports betting app should its license be approved. Executives from Penn National met with state gaming board leaders to explain their own thoughts and plans regarding the use of a sports betting license within Pennsylvania.
Among the details revealed by Penn National executives was a decision to invest more than $57 million alongside the $10 million license application fee. The long-term investment will be made by refurbishing an area of Hollywood Casino to act as the home of the sports betting work the company hopes to undertake. A major part of the development plan being undertaken by Penn National includes the establishment of two satellite casino sites in the state with more than 20 people being employed as part of the submitted plans.
Moving forward will depend on the approval of the sportsbook license, but Penn National are already making plans to open their physical sports betting site in Hollywood Casino before the end of 2018. Developing the Online sports betting platform may take Penn National a little longer to develop with the U.K.-based sports betting provider, William Hill already lined up to provide the software for the planned sports betting app.
Despite worries, the development of the Online app and desktop software would take months to develop have been proven unlikely with the template for all software in place with the developer. William Hill has already developed software for companies in New Jersey and Nevada which will be adapted to meet the regulations and guidelines handed down by members of the Pennsylvania Gaming Commission.
The early development of sports betting in Pennsylvania was met with skepticism by Penn National as the only gaming company based in the state of Pennsylvania. However, following the decision to move forward with its plans for Online sports betting, Penn National is embracing the development to such an extent it is hoping to begin trading by the end of the regular season of the NFL season.