{"id":10693,"date":"2020-05-12T09:06:34","date_gmt":"2020-05-12T09:06:34","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=10693"},"modified":"2020-05-12T11:08:26","modified_gmt":"2020-05-12T11:08:26","slug":"penn-national-and-draftkings-ceo-say-legal-sports-betting-will-be-expedited","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/penn-national-and-draftkings-ceo-say-legal-sports-betting-will-be-expedited\/","title":{"rendered":"Penn National &#038; DraftKings CEOs Say Legal Sports Betting Will Be Expedited"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2020\/05\/jay-snowden-and-jason-robins.jpg\" alt=\"Jay Snowden &amp; Jason Robins\" title=\"Penn National &#038; DraftKings CEOs Say Legal Sports Betting Will Be Expedited\" width=\"300\" class=\"alignright size-full wp-image-10694\" \/><strong>Jay Snowden<\/strong>, the CEO gambling giant Penn National Gaming (PNG) was recently on the CNBC program \u201c<em>Power Lunch<\/em>\u201d to discuss what COVID-19 has done to the gaming industry and what the way forward is for gaming firms in America.<\/p>\n<p>Snowden said that he believed that the revenue crunch resulting from the COVID-19 pandemic will likely expedite the legalization of sports betting across the United States. <a href=\"https:\/\/www.pngaming.com\">Penn National Gaming<\/a> is currently the operator with the largest spread of operations in legal gambling states, and Snowden believes that the firm is due for a surge in the coming months.<\/p>\n<p>PNG has posted big losses since the COVID-19 pandemic, due to the shuttering of its list of 41 properties. There is a push now by different states including <a href=\"https:\/\/www.legitgambling.com\/us\/states\/nevada\">Nevada<\/a> to slowly start the reopening process in a phased wise manner and gaming firms like Penn are getting ready to get back to business slowly but surely. <\/p>\n<p><strong>CNBC Television<\/strong><\/p>\n<div style=\"position:relative;height:0;padding-bottom:56.25%\">\n<iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/pfEMEfTxsAk?rel=0&amp;showinfo=0?ecver=2\" width=\"640\" height=\"360\" frameborder=\"0\" style=\"position:absolute;width:100%;height:100%;left:0\" allowfullscreen><\/iframe>\n<\/div>\n<p>&nbsp;<\/p>\n<h2>More Revenue Needs to Mitigate Budget Shortfalls<\/h2>\n<p>Many states are in the midst of significant shortfalls in revenue as the social distancing measures enacted to quell the coronavirus has decimated their revenue collection, as many Americans are struggling to keep afloat economically.<\/p>\n<p>The state of California is projecting a loss of $54.3 billion in their budgets due to COVID-19. Other states, such as <strong>Wisconsin, Colorado and Ohio<\/strong> have already made moves to cut down on their spending to alleviate the impact of lost revenue.<\/p>\n<p>In May 2018, <a href=\"https:\/\/www.legitgambling.com\/news\/supreme-court-of-the-united-states-finally-green-lights-legal-sports-betting\/\">the Supreme Court\u2019s decided to repeal PASPA 1992<\/a> which prohibited sports betting. Since then 23 states have legalized sports betting and 16 more states have pending legislation that could legalize betting as soon as their lawmakers are able to agree on the specifics. <\/p>\n<p>Sports betting revenues are not expected to make up for a significant portion of state budgets due to tax structure issues, but many advocates contend that the resulting revenues, however small, are better than nothing.<\/p>\n<h2>DraftKings CEO Concurs with Snowden\u2019s Assessment<\/h2>\n<p><strong>Jason Robins<\/strong>, the CEO of <a href=\"https:\/\/www.legitgambling.com\/news\/draftkings-goes-public-after-after-successful-merger\/\">DraftKings<\/a>, also expressed a similar opinion as Snowden, noting that the economic crunch faced by states could potentially lead to a faster road to legalization in the near-future. <\/p>\n<p>Robins also said that the time to focus on tax revenue is still to come, with public officials focusing more on ensuring that the health of their constituents will be protected. However, Robins argued that discussions on regaining lost tax revenues will likely be facilitated, even among states that have been less enthusiastic about legalizing gambling.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Jay Snowden, the CEO gambling giant Penn National Gaming (PNG) was recently on the CNBC program \u201cPower Lunch\u201d to discuss what COVID-19 has done to the gaming industry and what the way forward is for gaming firms in America. Snowden said that he believed that the revenue crunch resulting from the COVID-19 pandemic will likely [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,8,1],"tags":[],"class_list":["post-10693","post","type-post","status-publish","format-standard","hentry","category-legislation","category-sports","category-usa"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Penn National &amp; DraftKings CEOs Say Legal Sports Betting Will Be Expedited<\/title>\n<meta name=\"description\" content=\"Two Ceo&#039;s have given their opionions on what COVID-19 has done to the gaming industry and what the way forward is for gaming firms in America.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legitgambling.com\/news\/penn-national-and-draftkings-ceo-say-legal-sports-betting-will-be-expedited\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Penn National &amp; DraftKings CEOs Say Legal Sports Betting Will Be Expedited\" \/>\n<meta property=\"og:description\" content=\"Two Ceo&#039;s have given their opionions on what COVID-19 has done to the gaming industry and what the way forward is for gaming firms in America.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.legitgambling.com\/news\/penn-national-and-draftkings-ceo-say-legal-sports-betting-will-be-expedited\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-12T09:06:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-12T11:08:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2020\/05\/jay-snowden-and-jason-robins.jpg\" \/>\n<meta name=\"author\" content=\"Natalie Whitehead\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Natalie Whitehead\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/penn-national-and-draftkings-ceo-say-legal-sports-betting-will-be-expedited\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/penn-national-and-draftkings-ceo-say-legal-sports-betting-will-be-expedited\\\/\"},\"author\":{\"name\":\"Natalie Whitehead\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#\\\/schema\\\/person\\\/6bbc00139fa88f661e2048d7592dae73\"},\"headline\":\"Penn National &#038; 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