New Bill Would Allow Online Parlay Betting in DelawarePublished February 8, 2016 by Elana K
Delaware State Senator Brian Bushweller is seeking to pass a bill that would allow licensed online gambling operators to add parlay betting to their sites.
Delaware, one of the three states to legalize online gambling, is seeking to expand upon what operators are allowed to offer. Last week, State Senator Brian Bushweller filed SB183, a bill that would allow licensed online gambling operators to add parlay betting to their sites. Licensed operators include online casinos, poker rooms and lotteries.
Senator Bushweller's bill would also tax online gambling revenue at the same rate that land-based gambling revenue is taxed - a rate that the bill would lower. Additionally, the bill would get rid of a table game franchise fee and cut the table revenue tax rate from 29% to 20%.
Bushweller anticipates that the changes made by his proposed bill will initially cost the state $13 million in the first year, but on the other hand, it will offer casino owners a substantial incentive to grow their table operations to the point that revenue from table games will offset the initial cost.
The bill is currently being reviewed by Delaware’s Senate Finance Committee.
The Dilemma of Delaware Online Gambling
Senator Bushweller's bill comes at a crucial time, at a time when Delaware’s online gambling has seen much better days. Calvin Ayre reports that the state’s total online gambling revenue in 2015 amounted to a measly $1.8 million, a 14% decrease from the total online gambling revenue in 2014. In short, Delaware needs a boost to its online gambling, and parlay betting, along with cutting table revenue tax, seems like a viable option.
What is Parlay Betting?
A parlay bet is a single bet that links together two or more individual bets, all of which are dependent on the other. This means that if one of the bets loses, the whole parlay loses, and all need to win in order to cash out. While these bets are risky, they are also quite popular, because players have the potential to win much higher payouts from parlay bets than from individual bets.