The sports betting field across the states had witnessed a rapid pace of development ever since the US Supreme Court made clear its decision to lift the ban on gambling on sports events and give each state the freedom to make a move itself. Two of the latest states to legalize the gambling activity, Rhode Island and West Virginia have already begun the process of regulating the field and introducing new offerings to it.
Both located on the East side of the United States, the two states have been among the most active supporters of sports betting legalization on a federal level. Among the arguments they provided in support of their position, is the fact that sports betting in its illegal form exist in many states and the money it managed to generate from illicit gambling fail to be utilized by the community and reinvested back into it.
Gambling on sports events already sees interest which is why it has the potential to bring millions to the states once it is greenlighted. Last week saw West Virginia give a nod to its sports gambling regulation which aims to provide the future field with the appropriate set of rules which could make the gaming activity a pleasant one for all parties involved. Even before the ban have been lifted the two states were working on their framework which was the main reason why they were so prepared once the Professional and Amateur Sports Protection Act of 1992 was overturned.
With the help of the bill called West Virginia Sports Lottery Wagering Act S415 which was signed into law, the state received permission to operate sports wagering. Each facility interested in providing players with its own fully-operational sports book would have to pay some $100,000 for a sports betting license issued by the state. Operation was set to commence in August and one of the major players on the sports gambling field already stated its intent to enter the new market.
Future Sports Wagering Partnerships Come to the Two States
The daily fantasy sports operator FanDuel is going to provide West Virginia with its sports betting offerings and partner with The Greenbrier Resorts. The luxurious location located near White Sulphur Springs is set to welcome the extensive sports book of the international operator this August. The deal between the two companies is yet to be completed and inked and this could happen sometime in July.
Both online and land-based betting will be available via the FanDuel app just in time for the upcoming NFL season which commences on 6th September. In the meantime, Rhode Island witnessed the official approval of its sports wagering proposed bill which was turned into law on Friday. This is how the state became one of the first regions to permit the gambling activity and utilize the revenue it could amass from it. With the approval of a budget amounting to some $9.6 million which also included a framework for the future sports wagering sector, the legalization took place.
The state is going to feature one of the highest taxes on the betting revenue in the US, amounting to some 51 percent of the overall sports gambling revenue generated by every operator. In the meantime, the remaining share of the revenue will be distributed to the platform provider and casino operator of Twin River Casino which is going to host the sports betting activities. The upcoming months will witness the field coming to life and whether or not the revenue predictions of operators will be met.