Two bills in Virginia aiming to legalize online poker and casino games have advanced to the opposite chambers of the state legislature, marking a significant step towards reaching Governor Abigail Spanberger’s desk.
The progress was narrow. On Monday, SB118 initially failed in the Senate, but was reconsidered after a motion from Democratic Sen. Schuyler VanValkenburg, passing with a 19-17 vote.
In the House of Delegates on Tuesday, HB161 also faced initial rejection. However, after discussions during recess, it passed easily with a 67-30 vote upon reconsideration.
Now, the bills are under review by the opposite chamber. SB118 moved to the House Committee on General Laws on Thursday, while HB161 was sent to the Senate Committee on General Laws and Technology on Wednesday.
It’s projected that online gambling taxes could boost net revenue by $240 million in 2028, potentially reaching $845 million by 2032. Online gaming operators would face a 20% tax on adjusted gross revenue and a 6% “economic development fee” on net gaming revenue to mitigate potential losses in retail casino revenue.
The initial five-year license fee is set at $500,000, with renewal fees at half that amount and an application fee of $2 million.
iGaming operators could have up to three skins, partnering with internet gaming platform providers. Each skin would be required to operate under a single brand, except for poker, which could use a second brand.
The House bill proposes an online gaming industry start date by January 2028, contingent upon re-approval in 2027. The Senate’s version suggests a start date a year earlier. Additionally, the House passed a bill to create a gaming commission, crucial for gaining the governor’s support.
- SCCG Management. The Gambling Industry’s Global Connector. Access Here.
- Source: SCCGManagement.com