Fantini Research has posted updates on Mississippi, West Virginia and Rhode Island as sports betting gains pace in the US.
Mississippi: The state gaming commission approved regulations that allow sports betting solely in casinos 24 hours a day. Revenue will be taxed at 12 per cent, the same as slots and tables. Mobile betting will be allowed within casinos if approved separately by the commission. Player accounts can be created, cashed in and cashed out in person.
Commissions from a sports betting pool cannot exceed 13 per cent while bets can be made in cash, chips, tokens or other payments. Any bet exceeding $10,000 will require identification and a social security number. No betting will be allowed on amateur sports or politics. It is expected that casinos can launch in 30 days.
Rhode Island: Governor Gina Raimondo promised to sign H7200 on Friday, with regulations likely to take effect by October. Rhode Island will take 51 per cent of revenues from sports betting at the two Twin River casinos and is including $23.5m in tax revenues in the state budget, which goes into effect on July 1.
IGT was the sole bidder on a contract to operate sports betting for the state lottery. Under the plan, IGT would get 32 perc ent of revenues and the two casinos would get the remaining 17 per cent.
West Virginia: The West Virginia Lottery Commission approved regulations in an emergency meeting, allowing sports books at the state’s five casinos. The goal is to have sports betting available by football season, Lottery Commissioner Alan Larrick said.
Casinos, which can apply for a sports book licence for $100,000, will be allowed to operate sports betting 270 days following the lottery director’s approval. West Virginia’s tax rate is 10 per cent. The state expects sports betting to generate $235m in gross wagering revenues by the fifth year of operation.
Casinos have already begun setting up sports books, self-service betting terminals,and mobile betting apps, West Virginia Gaming and Racing Association president John Cavacini said. Casinos can partner with up to three online sports betting suppliers.
New York: There haven’t been such dramas in New York, where the legislative session ended without a sports betting vote, likely putting off action until next year. However, the state’s four fcasinos could begin operating sports betting under a 2013 law if gaming regulators allow it.
The state gaming commission said last month it has been working on regulations, though it has yet to issue a draft. The bills would have allowed sports betting at racetracks, OTBs and via mobile and would have allowed the leagues to collect 0.2 per cent of all sports bets as a royalty. So far, New York is the only state to progress such a payment to leagues.
