It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
(visit the link for the full news article)
Markell's proposal calls for a statewide sports lottery that only allows parlay bets. In a parlay, gamblers have to get two bets right in order to win. It's an idea that has been brewing in Delaware for a while, long before the economy imploded and the state found itself with a budget shortfall of $700M.
Sports betting, additional casinos and higher taxes on profits would bring in an extra $50 million to $100 million annually, Markell said.
Wilmington, Delaware experienced the loss of many jobs after World War II, mostly due to it becoming less utilized as a shipping location. To address this matter, the state legislators sought a way to bring new business into the state, starting in the late 1970s. Led primarily by the Governor Pierre DuPont, in the early 1980s, Delaware attempted to lure large banks away from New York and other large financial companies by dramatically redrafting tax laws for banking industries. Laws also changed to allow banks to charge any interest they wished on credit cards.
Several banks, among them Bank of America and Chase, were inspired by Wilmington’s flexible laws to relocate at least their credit card companies to Wilmington. The ability to charge more interest meant that they could offer credit to less credit-worthy customers. Though big banks moved their credit card companies, the response was even greater than DuPont at first estimated. Many smaller banks also set up shop in Wilmington, to take advantage of being able to charge much higher interest rates, while paying lower taxes on their profits. - Tricia Ellis-Christensen on wisegeek.com
The Delaware legislature took the first step toward establishing sports gambling in the state, approving a bill early Friday morning that was opposed by every major sports league in the USA along with the NCAA. - A.J. Perez, USA TODAY, May 2009