Virginia online casinos have long been a twinkle in the eyes of global bettors. In fact, it may be quite a while before VA online casinos become a reality. However, there’s one crucial factor that could encourage faster development: North Carolina.
Virginia and its neighbors to the south are locked in competition for gambling. Currently, Virginia is leading the race with its new casinos and years-old sports betting industry. Online casinos could tip the scale for North Carolina, bringing new revenue for the state and poaching business from Virginia.
Retail internet casinos have Virginia’ s awareness right now
One would think that the success of Virginia online sports betting would spur lawmakers to legalize online casinos. Unfortunately, that hasn’t happened. There’s no real effort in the state to legalize online casinos, and the same goes for North Carolina, which could potentially benefit even more than Virginia if it allowed its residents to play table games and slots online.
Currently, there is silence on the legislative front from Virginia lawmakers, which makes sense considering the recent developments. All attention has been focused on Virginia’s newest commercial casinos, such as the temporary Caesars and Hard Rock properties, as well as Rivers Portsmouth.
Moreover, with online sports betting already available in Virginia, the state is generating significant revenue. In April, VA casinos brought in $35 million, while sportsbooks made $47.6 million in March.
These numbers put Virginia’s slow approach into perspective. While the state would undoubtedly benefit from Virginia online casinos, its current gambling facilities are thriving. However, the potential encroachment of North Carolina on Virginia’s lead could change that quickly.
Sports betting important for New york at this time
Gambling is a hot topic in North Carolina. The state Senate has recently amended HB 347 to allow for live betting at certain locations, mostly public venues associated with professional sports teams. The Senate has approved the bill, and it now awaits concurrence from the House on the amended parts of the legislation.
However, the paragraph above doesn’t mention anything about online casinos. North Carolina seems to be primarily focused on catching up with other forms of gambling, and the issue of online casinos has yet to be addressed in the Legislature.
Similar to its neighboring state, North Carolina is not currently making significant progress towards legalizing online casinos. The state’s focus remains on other aspects of gambling legislation for now.
Why could NC and even VA be considering online internet casinos?
The main reason why Virginia and North Carolina should be looking into online casinos is money. Online casinos generate significant revenue for states that offer them. Look at some legal markets as examples:
– West Virginia online casino revenue, April 2023: $12.1 million
– New Jersey online casino revenue, April 2023: $158.9 million
– Michigan online casino revenue, April 2023: $159.4 million
– Pennsylvania online casino revenue, April 2023: $167.2 million
It’s important to consider that various factors impact these figures, such as the number of online casinos, population, and different regulations. Nonetheless, both Virginia and North Carolina should look to these states as examples of how more revenue can benefit a state in many ways.
Tax rates and license fees may vary, but the four states listed generally require at least a 15% tax on betting revenue, along with hefty license fees and renewal fees. Virginia and North Carolina can use these existing models when building their own tax structure for online casinos.
Taxes are the biggest incentive for each state to get ahead of the other. For example, North Carolina has expressed concerns about casinos being built in Virginia along the border with North Carolina. Gamblers from NC who cross the border to wager are benefitting Virginians instead of their home state. One study estimated the loss of revenue could exceed $250 million a year once all the Virginia casinos are built.
North Carolina beating Virginia to the punch on online casinos could bring the state a windfall of millions of dollars. To avoid such losses, or gains by the other, each state has an incentive to legalize before the other.
Additionally, it’s worth noting that existing sportsbook operators are an easy fit for online casinos. Most online sportsbook companies also offer online casinos. Operators like DraftKings, FanDuel, and BetMGM already offer betting in Virginia. If the state legalizes online casinos, they will just need to apply for a license, but their existing connection with the Virginia Lottery will make the process much smoother in North Carolina. The same benefits could be expected for North Carolina if and when it launches gambling.
Virginia provides the edge on this slow-motion competition
Virginia has the edge when it comes to legalizing online casinos. The state has a strong sports betting industry and new casinos under construction.
North Carolina also knows what it takes to legalize and regulate a new form of online gambling.
North Carolina is just currently working on approving online sportsbooks. It’s almost certain to lag behind its northern neighbor in legalizing online casinos.
Cole Rush writes extensively, with a significant focus on gambling-related topics. His work can be found in various wagering publications, including iGaming Business, Gaming Today, Bonus.com, MidwestSharp.com, ICE 365, and IGB North America. In addition to gambling, Cole also covers pop culture and literature for Portal.com and TheQuillToLive.com. With over nine years of experience in writing about gambling and entertainment, Cole has established himself as an expert in the field.
