Regulated: Charitable Texas Hold’Em and Bingo in Virginia
LISTEN TO THIS ARTICLE:News that the state of Virginia’s regulatory body, VDACS (Virginia’s Department of Agriculture and Consumer Services) has become the most recent department in the state to join the list of agencies regulating gambling games is set to be met with optimism.
Having given the go-ahead to allow electronic bingo and Texas Hold’Em in the games, it is understood that this will bring multiple charitable benefits.
As a result, VDACS will have full oversight on deciding the exact percentage that will be contributed to charitable organisations in Virginia, which has shown that online gambling is in demand since it became regulated.
Many Benefits to Follow after Regulation
As a result of online gambling being regulated in multiple states over the last couple of years, it has benefited multiple infrastructures, with gambling companies contributing taxation from their revenue.
In this instance, it will effectively work in a similar fashion for the state of Virginia, with a percentage of profits being contributed directly to charitable causes which can help counter issues such as homelessness, gambling addiction and poverty.
Currently, VDACS is understood to still be fine-tuning the exact details of the proposal, though staff have started to investigate bingo halls and the way things are run within the state, from a gambling perspective.
Poker has proven to be a popular gambling product in Virginia, which indicates that VDACS have recognised this as a gambling pastime that can contribute effectively towards charitable organisations.
While VDACS initially wanted 40 percent of player’s wagers to go directly to charities, it is thought that a deal may be struck for around 20 per cent - not too dissimilar from usual gambling taxation.
Similar Initiatives to Follow in Other States?
Should this prove to be a success in Virginia, it could see other states follow suit as a way of enhancing their reputation as a market that cares about giving back to the community, but also helping (albeit indirectly), to enforce responsible gambling.
Certainly in states around the mid-west, this may prove to be a popular decision, where employment opportunities in specific industries are lower and, as a result, there is a greater need for charitable organisations.
It could well see other states decide on other elements of gambling that are contributed towards charities, such as online slots, which have proven to be a major revenue generator and could well result in a greater amount being given to charitable causes.
For now, it is still very much in its infancy and while there is positivity that this scheme can work, it may take some further planning to ensure that it is effective in the long term.
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