Bill > HB2497

This bill establishes a new framework for "event outcome prediction wagering," which involves accepting bets on the occurrence or non-occurrence of specified future events, such as elections, weather, or awards, through an "event contract" via digital services or other methods. The Pennsylvania Gaming Control Board (PGCB) will be responsible for licensing and regulating these wagering platforms, requiring applicants to undergo background checks and demonstrate financial stability, with a substantial $1,000,000 annual license fee. Licensed platforms, referred to as "event outcome prediction wagering licensees," must adhere to operational duties including maintaining accurate records, implementing consumer protections like self-exclusion lists and a three-day cooling-off period for contracts, and clearly disclosing all fees and participant rights. A 20% "event outcome prediction wagering tax" will be levied on the daily "gross event outcome prediction wagering revenue" (total money received minus payouts), with these funds going to the General Fund, and an additional 2% "local share assessment" will be collected and distributed for public interest projects through the Commonwealth Financing Authority. The bill also mandates transfers from the wagering tax to a Compulsive and Problem Gambling Treatment Fund and for drug and alcohol addiction treatment services, and imposes penalties, including fines and potential license revocation, for non-compliance or unauthorized wagering.