Progress is being made on the recently amended bill that allows new players to enter the online sports betting market in West Virginia.
The Small Business Gaming Opportunity Act has made progress, currently being at a quarter of the way through the state’s Senate.
Sen. Michael Maroney has sponsored the latest update to WV Senate Bill 603, aiming to expand legal wagering in the Mountain State. This proposed amendment would allow bars and restaurants in West Virginia to offer online sportsbooks.
The primary objective of the bill is to provide assistance to small businesses. To be eligible, businesses must meet various requirements, one of which is maintaining gross revenue below a specific threshold.
Once this bill is fully approved, the state’s casinos will be able to collaborate with small businesses as management service providers, granting them the authority to offer online sports wagering services.
By collaborating with small businesses to introduce these betting applications within the state, individuals can successfully introduce additional platforms. The content of the bill states:
In addition to the three individually branded online sports pool websites, each operator has the option to offer and manage one more online sports pool website and its corresponding mobile application, which will be provided by a small business management services provider.
The potential expansion of sports betting in WV appears to be imminent and rapid.
WV sports betting expansion
It seems likely that the state will soon introduce additional online sports betting apps in West Virginia.
Implementing this law presents a significant chance for both small businesses in the state and the legal betting market to flourish.
Not only will the management services provider oversee one new online sportsbook, but operators will also gain another new skin.
The committee substitute reads:
A small business management services provider may offer and manage an individually branded online sports pool website and its mobile application. According to subsection (b) of this section, any operator providing this service can also offer an extra individually branded online sports pool website and its accompanying mobile application, in addition to those authorized in subsections (a) and (b) of this section.
All West Virginia sportsbook providers will undoubtedly benefit from this fantastic news. With the introduction of another partnership and an online wagering app, the potential for increased betting and revenue in the long run is promising.
Before entering into an agreement with an operator, a small business interested in providing sports betting services needs to transform into a management services provider.
In order to be eligible, the organization must have an average annual gross revenue of less than $10 million during the three years prior to the initial licensure of the management service provider.
Applicants who have previously applied for or obtained approval to participate in online betting in any jurisdiction are also ineligible. The commission requires that applications for licensing as a service provider be pending for a minimum of six months before they can be approved.
To proceed with their application, all applicants are required to submit a nonrefundable license and application fee amounting to $1,000. Following approval, management service providers are obligated to renew their license on an annual basis, with the renewal fee remaining at $1,000.
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