Virginia is done wasting time when it comes to sports betting. After 2 years of researching and studying sports betting best practices, state lawmakers voted to legalize the industry at the end of April. Less than a month after, the state lottery has launched a microsite that includes all the relevant information for the impending start of statewide sports betting.
The site includes a timeline that calls for a public comment period on the proposed regulations through July and August. Regulators will then have until September 15 to approve the regulations, and operator applications will be made available at the end of the month. The lottery will then have 90 days to approve or reject applications. Once approved, operators may be ready to take the first sports wagers in December 2020.
Virginia Sports Betting Rules
The sports betting law passed by Virginia lawmakers calls for exclusively mobile betting with remote registration. A minimum of 4 mobile sports betting licenses and a maximum of 12 will be granted. Operators will need to undergo a certification process before being allowed to launch a mobile platform. Licenses cost $250,000 and will be valid for 3 years. Applicants must also pay for background checks for all key members of the company, which can cost up to $50,000 per person. After that, the tax rate for operators is 15% on gross gaming revenue.
Off the bat, prop bets and betting on local college teams are prohibited, but once sports betting kicks off, operators will be allowed to request new sports/events to be added to the list of legal bets.
Bettors do not need to be residents of the state of Virginia in order to place bets through the state’s operators. They do, however, need to be physically located within state borders.
If the Virginia Lottery can stick to its rigid timeline, sports betting will be up and running in the state before 2021.