Virginia pols okay amended casino, sports betting legislation

Virginia’s casino and sports betting proposals appear good to go after both chambers of the state legislature approved their governor’s last-minute amendments.

Wednesday saw both the Virginia Senate and the House of Delegates approve multiple amendments to the state’s casino and sports betting legislation, which authorizes mobile sports betting and the construction of up to five casinos, none of which is presently legal in the state.

The original legislation arrived on Gov. Ralph Northam’s desk last month, but Northam added several amendments to (a) hike gambling license fees, (b) ensure gambling tax revenue was allocated to education funding, and (c) include the state’s two NASCAR racetracks in the list of entities allowed to partner with bookmakers on a mobile sportsbook offering.

Casinos will pay 18% on their first $200m of annual gaming revenue, rising to 23% on revenue between $200m and $400m, topping out at 30% for revenue over $400m. Sports wagering revenue would be taxed at 15%.