West Virginia approves online gaming
Licenses available for five local casino operators for a $250k fee
West Virginia has become the fifth state to authorize some form of online gaming after Governor Jim Justice let the West Virginia Lottery Interactive Wagering Act pass into law without opposition yesterday.
The act approves online casino and poker alongside the existing permission for sports betting.
There are five properties able to apply for a license, costing $250,000 up front with a $100,000 renewal fee every five years.
The legislation did not clarify whether multiple skins would be allowed, but the equivalent sports betting bill, passed last year, allowed three skins per license.
Online gaming revenues will be taxed at 15% of gross gaming revenue.
The onus now falls on the West Virginia Lottery which has been tasked with writing market regulations, with a view to going live by the middle of next year.
Eilers & Krejcik Gaming estimate the state’s first-year gaming revenue to be approximately $11.6m.
West Virginia also becomes the third state to have online and mobile options for betting, casino and poker.
Legailization could be good news for FanDuel, which has an existing partnership with the Greenbier Resort and Casino in WV, as well as Penn National, Delaware North and Eldorado which all own local properties.
DraftKings and William Hill are also already offering betting in the state.