Will Virginia be the ninth state to legalize online gaming? Online casino bills have been approved by state legislators in both chambers of the General Assembly, despite significant differences in the statutes.
Different variations of what regulated iGaming would look like in the commonwealth have been passed by the Virginia Senate and House of Delegates. It is anticipated that the strong disagreements will result in the creation of a conference committee, where members of the House and Senate would attempt to reach a consensus in order to pass an iGaming bill.
Less than ten years ago, Virginia's move toward approving online casino gaming would have been unimaginable.
The Commonwealth was one of the states with the strictest gambling laws prior to 2018. There were no legal forms of gambling in Virginia, with the exception of the state-run lottery, parimutuel horse racing betting, and tiny games of charitable chance.
Two years after Virginia legalized slot-like historical horse racing (HHR) machines in 2018, lawmakers and Governor Ralph Northam (D) approved full-scale casinos including slot machines, live dealer table games, and sports betting in five communities.
According to Virginia Senate Bill 118, the state's licensed physical casinos may collaborate with and/or run up to three online gambling platforms. A $500,000 platform fee would be required for each online casino skin, and licenses would be renewed every year for $250,000.
A 20% state tax would be applied to iGaming's gross gaming revenue. The Modern Public Education Fund would receive 95% of the state's take, while the Gaming Regulatory Fund would receive 3% and the Problem Gambling Treatment and Support Fund would receive 2%.
Funds from the Gaming Regulatory Fund would be utilized to cover the initial expenses of establishing and operating a state gaming commission. The majority of commercial gaming, including iGaming, sports betting, and casinos, would be governed by the regulatory body.
With iGaming platform fees set at $2 million, Virginia House Bill 161 proposes a much higher cost of admission. However, casinos using their own iGaming platform would simply have to pay $500,000. $1 million and $250,000 would be the annual renewal amounts. A state gaming commission would be established using the money from license fees.
The majority of the proceeds (89%) would go to the state's General Fund under HB161, even if the gross tax rate on online casino gambling would likewise be 20%. Five percent would go to the Problem Gambling Treatment and Support Fund, while the remaining six percent would go to the Internet Lottery Hold Harmless Fund, which would be used to help offset any revenue losses sustained by the Virginia Lottery's online lottery product.
Sweden-based Evolution Gaming claims that if the state legalizes iGaming, it would invest in a hub in Virginia. The leader in business-to-business iGaming claims that 1,200 workers would be employed in its Portsmouth headquarters.
According to Evolution, it would like to run a live dealer studio out of the city where Rivers Casino Portsmouth is located.
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