West Virginia has already legalized online gambling and sports betting. While it is yet to launch online gambling, the regulations that would apply to the new online gambling industry is still under the process of development.
However, the Lottery Director John Myers has confirmed that all is going according to the plan. He said that he is happy with the progress.
“The initial build-out of the iGaming system–they can almost take the new games, which will come in a suite and they can lay that right on top of a sports wagering-type of the platform,” Myers said. “It’s not going to be as labor-intensive or to take as long to get out as sports wagering.”
West Virginia recently approved and launched sports betting operations while it is yet to launch online gambling. Lottery Director Meyers has said that by the summer next year online gambling will be launched in West Virginia.
“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,” Myers said.
“The tax rate is 15 percent in iGaming and 10 percent in sports wagering but with the number of people we have I expect the same revenue generation,” Myers said.
The state is expecting to raise additional tax revenue from regulated online gambling. According to the current regulations, five casino facilities in the state will be allowed to offer online gambling to customers in West Virginia.
While the casinos are to pay $250,000 towards license application fees, they will be paying $100,000 for renewal of the license annually.
The tax levied on online casinos is fixed at 15 percent of the revenue generated. The state taxes sports betting operators 10 percent of their revenue.
The state’s lottery director says that online gaming will generate roughly the same revenue as that from sports gambling. The state has taken $12.8 million in revenue from sports betting revenues since it was launched earlier in the year. Of the $12.8 million, $4.9 million came from online sports betting operations.