Virginia is the latest US state to be thrust into the spotlight by online gambling changes. States have been flirting with the idea since the landmark ruling in 2018, when the Supreme Court ruled that states could have the power to legalize and regulate sports betting and casino gaming as they see fit. 

In light of this change, dozens of states in the US have already deliberated over the concept of legalizing and regulating the multibillion-dollar industry. Each state has its own powers, with some warming to the idea of online sports betting and casino gaming much more openly than others. 

Although Isle of Wight County is a small part of the state with an equally small population, any changes would be statewide and profoundly impact the county and neighboring counties throughout the state.

The rise of expert opinion and review sites 

As is the case across the US, the gambling market has been driven into the underground markets of digital offshore companies. Over the last two decades, these companies have netted billions of dollars, which was one of the key reasons why so many states have been keen to legalize and regulate the markets appropriately. 

While Virginia might be slightly late to the party, so to speak, it has nearly nine million residents, so it’s one of the biggest potential markets for the iGaming industry. The popularity of gambling in the state and the associated markets will likely follow a similar pathway that other states throughout the US have already taken. 

Keeping up to date with the latest industry news can be a challenge, and the rise of askgamblers.com as a resource that not only helps people with this but collates expert opinions from right throughout the gambling hemisphere will prove to be a source of knowledge for new gamers entering the market, both in Isle of Wight County and further across the state.

A bigger tax base

Again, this has been evident in some states that have been ahead of Virginia’s current curve. While a more extensive tax base will be music to the ears of regulators, it is a balancing act, ensuring that the money is being reinvested in worthwhile projects, including helping those in Virginia at risk of developing a problem gambling habit. 

It all depends on the amount the state decides to tax operators, with legislators bouncing between 15% and 25%. If they go too high, it might prove counterproductive, while if they set it too low, they could face the wrath of those who are already against legalizing gambling. 

Figures show that, based on the state’s population and other markets of a similar size, Virginia could net over $50 million a year. Such a massive surge in tax revenue will significantly impact the state, and in turn, Isle of Wight County. What is done with the tax revenue could be the deciding factor for the market’s longevity in Virginia. 

As smaller-town Virginia faces serious competition from digital global companies, its whole fabric continues to change. Therefore, focusing on new areas where the state can generate enormous tax revenue shouldn’t be ignored.

Emphasis on responsible gambling

When a gambling market is driven underground and not adequately regulated, it is often picked up by the murky world of criminals who are looking to profit. Simply outlawing a market does not ban it. 

Legalizing online gambling, whether it be sports betting or casino gaming, is the most effective course of action to take money away from criminal groups. Ideally, the tax base it generates will also go into programs that help the small percentage of Virginia residents at risk of problem gambling. 

However, platforms must abide by broader legislation once they can legally operate. This allows gamers to use self-exclusion tools and cooling-off periods, and set up time and deposit limits to manage their gambling. If somebody you know is struggling with gambling or is looking for advice on the matter, charities like Gamblers Anonymous can assist you further.

Freeing up law enforcement

Following on from our last point, another significant positive of a fully legalized gambling sector is that law enforcement can focus on other issues in Virginia and Isle of Wight County. Although gambling rings aren’t considered a high priority, illegal gambling rings fuel crime and take up resources, and by changing the gambling laws, the impact will be felt throughout the county and across the state. 

Ideally, some tax bases will see increased expenditure on law enforcement activities to make the county safer. For now, though, this is speculative and hinges on the legality of the industry and the sort of nuances that regulators will introduce if they decide to legalize sports betting and casino gaming in Virginia.

Final thoughts

Although other US states have been reaping the tax benefits from a legalized industry for over a decade, Virginia’s failure to initially adopt this idea of regulation has been both a blessing and a curse. 

While they might not have been able to generate the same tax levels, they have been able to take a back seat and observe some of the positives and negatives that have emerged from legalized online gambling. 

With so many states now on board with the idea of regulating sports betting and casino gaming, the only states that have really voted this down have big enough markets that they don’t need to rely on the income from gambling tax. 

Texas and California are the two big states that have consistently been against the idea. Still, with multiple trillion-dollar tech companies in California and the might of Texas oil generating $100 billion annually, there’s less need for the state to continually search for ways to maintain a tax base, in the way smaller states have to. 

Isle of Wight County and other rural areas of Virginia will benefit from the broader changes in legislation. As long as they are implemented correctly and the tax revenue is distributed fairly, they should prove to be a positive change state-wide. As always, the finer details and implementation of the regulations will be important.