Virginia gambling legislation amendments get the approval from both House of Delegates and the Senate. Some of the changes include allowing mobile sports wagering and the construction of five casinos in the state.
Governor Ralph Northam received the original legislation last month. However, he returned it to the Legislative with some amendments, including the increase of gambling license fees; allocation of gambling tax revenue to fund education initiatives; and adding two racetracks into organizations allowed to partner with mobile sportsbook provider.
Casinos will pay 18 percent on their first $200 million annual gambling revenue. Also, the tax rate will increase to 23 percent on income between $200 million and $400 million. The tax rate will have a ceiling of 30 percent for revenue above $400 million. The sports betting tax rate is 15 percent.
Virginia Gambling Legislation Amendments
U.S. political news sites expect Governor Northam to sign the amended legislation into law. Thus, residents of five cities qualified to host casinos can ask its citizens if they are in favor of a casino in the election ballot this November.
Three cities already have partnership deals with casino operators. The remaining two cities are still thinking about their options. According to sportsbook pay per head sources, Virginia is one of a handful of states without a legal casino.
Although Virginia has a lottery, it is not doing well at present due to the coronavirus pandemic. According to bookie pay per head reports, sales were reduced due to the pandemic. Lottery sales were down 21 percent in March at $176 million. Also, profits were down 28 percent to 48 million.
Industry insiders expect April to have similar drops. Also, the coronavirus pandemic will affect the sales during the fiscal year of the state that ends on June 30. At present, sales are down 30 percent.