On Wednesday, March 27, West Virginia officially became the fifth state in the US to legalize online gambling and online poker. Residence Bill 2934, much better identified as the West Virginia Lottery Interactive Wagering Act automatically became law when Jim Justice, the state’s governor, failed to act on it by the time the 15-day deadline that he was provided came to an finish. This was not the initial time that the governor did a thing equivalent – in 2018 he also chose not to sign a bill that proposed the legalization of sports betting and by so performing the measure automatically became law15 days following it was forwarded to his desk. The 15-day period did not contain Sundays.
At its core, the West Virginia interactive gaming bill does
not contain something that is out of the ordinary specifically when compares to
equivalent bills from other states. To commence with, the bill makes it possible for everyone who is
21 and older to location online bets and play online poker inside the state’s borders.
Amongst the firms that are going to advantage in a big way from the newly legalized online gambling and online poker industries will be the state’s 5 brick and mortar casinos, who will now be permitted to apply for interactive gaming licenses. Need to they opt to do so, The Greenbrier, the Hollywood Casino at Charles Town Races, the Mountaineer Casino and Racetrack, the Mardi Gras Casino and Resort, and the Wheeling Island Hotel will require to spend a $250,000 licensing charge which will be renewed every single 5 years for $100,000. Platform and service providers that will facilitate the gaming operations will have to spend a $100,000 licensing charge. Additionally, the tax price on the income that the casinos will get from online gambling has been set at 15 % which is fairly affordable specifically when compared to the rather exorbitant tax prices imposed by the gaming laws in other states.
West Virginia expects to make in between $four million and $six million in annual income from online gambling and online poker – compared to states like New Jersey exactly where the income from online gaming is as higher as $38 million, this may perhaps look to be quite little. Nonetheless, it is fairly justifiable due to the fact West Virginia has a population of much less than two million and this can definitely not match up with the close to 9 million individuals that reside in New Jersey.
The West Virginia Lottery, the organization which oversees all the gaming activities in the state will have till June 2020 to finalize on different gaming regulations and operational frameworks and probably that is when the interactive gaming market will lastly go reside. Meanwhile, it is vital to note that any hopes for liquidity sharing – which would be terrific for West Virginia due to its rather low population – has been shelved in a quantity of states, for now, thanks to the reversal of the 1961 Wire Act opinion back in January. Hopefully, issues will modify but do not hold your breath.