Governor Justice is looking for “big ideas”. Here is a middle sized idea.
These ideas could help avoid a tax increase on our state’s residents. Plus help an industry with 7,300 jobs and communities and businesses that depend on the horse racing.
The concept is known as Advance Deposit Wagering (ADW). It is a form of wagering on the outcome of horse or dog races in which the bettor must fund his or her account before being allowed to place bets.
Currently Advance Deposit Wagering is not legal in West Virginia – but is should be. The WV Racing Commission endorsed this idea in a resolution I pushed in 2014.
There are 34 thoroughbred race tracks in the country and 20 states have legalized ADW. By making it legal state government, horse & dog owners and tracks receive a share of the ADW revenues.
The Oregon Racing Commission, which licenses and audits many of the largest firms taking advance deposit wagers, reports that online wagering via its licensed companies rose to $2.9 billion in 2015, from $952 million in 2005.
Nearby Ohio is considering legalizing ADW’s along with other states.
ADW’s opens up a whole new world to assist West Virginia. No longer will anyone wanting to bet on a race at West Virginia’s tracks have to visit at Off Track Betting facility. West Virginians will not have to drive to the horse or dog tracks to bet.
Just own a computer, smartphone or tablet and an easy chair. Just think of the market that opens up with ADW’s and the potential benefit to our state.
Here are some bit size ideas.
- Fantasy sports are all the rage
- Off Track Betting (OTB) facilities at strategic locations
- Sports Betting is worth initial study
- Instant Racing electronic pari-mutuel machines (Could be in OTB facilities)
- EquiLottery a game combining lottery & horse racing
Should Governor Justice want a really big idea what about Internet gambling. Remember the huge money that came into West Virginia after the Lottery was established and casinos were built – before competition from nearby states? Only three states now offer it to their residents. Likely this will involve working with the Department of Justice and Congress.
This will require a heavy lift by Governor Justice – but if anyone can do it he can.
You’re encouraged to comment. Just go to bottom of the post…look for Comment or No Comment and click.
This entry was posted on Wednesday, February 8th, 2017 at 3:24 pm and is filed under Bill's Blog. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.