Last updated on August 25th, 2024 at 12:34 am
Legal gaming in Virginia is a multibillion-dollar industry. In recent years, the state expanded sports betting, casinos, and online gambling, which boosted the economy and reshaped the entertainment sector. However, multiple agencies oversee the industry. Thus, lawmakers are looking for ways to create a single gaming agency to govern the industry.
Efforts to consolidate regulatory authority began after a 2022 report urged Virginia to grant a single state agency the power to oversee most gaming.
At its first meeting on Wednesday, the newly formed Joint Subcommittee to Study the Feasibility of Establishing the Virginia Gaming Commission examined a plan to consolidate other agencies.
Single Gaming Agency in Virginia
According to sports betting news reports, the committee is set to consider a two-year plan to establish a separate state agency called the Virginia Gaming Commission. This agency would be responsible for consolidating the regulatory powers over various forms of gambling. They include fantasy contests, online gambling, bingo, charity gaming, live horse racing, the five licensed casinos in the state, and Rosie’s Gaming Emporium’s ten licenses.
One state organization that would continue to operate independently and control the sale of lottery tickets in the commonwealth is the Virginia Lottery, established in 1987 following a statewide voter referendum. This agency would be the only exception to the current plan. Hood further stated that an effective, efficient, and robust regulator is the desired operational paradigm for the Virginia Gaming Commission.
If implemented, the new state agency can oversee various types of gaming and support horse racing and charitable gaming. In addition, the new agency will enhance transparency with consolidated yearly reports. Lastly, it will enforce higher accountability standards for gaming companies and regulators.
The benefits include a unified approach to addressing problem gambling in Virginia across all forms of gaming. In addition, it will establish clear communication channels between the industry, state lawmakers, local police, and the Virginia State Police.
Going Towards $21 Billion in Bets
According to Reeves, they will likely follow Guidehouse’s proposed approach, which now outlines several possibilities. Finally, he noted that consolidation will benefit enforcement and compliance. If you ask the prosecution, they have no idea what they’re dealing with now.
Until 2018, Virginia had around $3.4 billion wagered on horse racing, charitable gaming, and state lottery games before the state’s anti-gambling stance relaxed. According to bookie PPH experts, four casinos are projected to operate by 2025, increasing the total wagering to $21 billion.
Since the Virginia Lottery has been increasing its workforce to manage sports betting and four new casinos are opening throughout the state, the JLARC research suggested that it take the lead in regulating gambling, including average sports bet size.
The Virginia Racing Commission regulates live horse racing and the Rosie’s Slots business, which is associated with horse racing. However, the research determined that the commission lacks the personnel to fulfill its regulatory role. The Virginia Department of Agriculture and Consumer Services, which regulates charity gambling like electronic pull tabs, bingo, and poker, is underfunded.
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