It goes without saying that Pennsylvania is currently one of the most lucrative gambling destinations in the United States. In fact, it has grown so immensely that other states have begun to see it as one of the best benchmarks for their gaming industries. The latest state to consult with the Keystone State is West Virginia.
Regulators from West Virginia met with their Pennsylvanian counterparts in a bid to get a few tips on creating a new regulatory framework for the state’s budding online gambling industry. According to John Myers, the Director of the West Virginia State Lottery, there are quite a number of similarities between the gambling frameworks of both states. For now, the state is focusing most of its efforts on the online gaming industry especially with regards to online poker.
Even so, its sports betting industry has also shown that it has a lot of potential. Online sports betting is already up and running in the state but things have not gone so smoothly for some of the operators. Things have since stabilized but there is a lot that needs to be done to ensure the longevity of the industry.
Well, John Myers is confident that now they have enough knowledge to push forward with the state’s online gambling plans. That said, online gamblers in West Virginia should expect to have an operational online poker industry in mid-2020.
“The May to June timeframe, so that will allow us, with the time that we’re allotted to get the permanent rule in place to get beyond the legislative session (in 2021) and file the permanent rule,” the lottery director said.
The lottery which is in charge of the regulation of the gaming industry has a lot of work ahead. Most notably, its officials now have until July 1, 202o to come up with the emergency rules for the online gambling industry.
Huge Revenue Projections
Online gambling officially became legal in West Virginia earlier this year after which the lottery was tasked with designing rules and regulations for the industry. Plans for the industry are now beginning to pick momentum and as expected they have pretty high hopes. There is a lot of money to be made from the industry.
To begin with, the operators will pay $250,000 when they apply for online gambling licenses. These licenses will be valid for five years after which the operators will have the option of renewing them for $100,000. The online casinos will be taxed at 15 percent. This might just be the gamechanger that the state has been waiting for.