Developments in Regulations for the Virginia Sportsbook Industry
Sports betting is still not allowed in Virginia, at least not until next year. The Virginia state lottery is currently releasing regulations on the state’s future gambling market. Last month, they finalized the policy on consumer protection and licensing regulations. Now, there are additional news regarding the Virginia sportsbook Industry.
Currently, there is a town hall website where Virginia citizens can comment on the state’s sports betting law and regulations. Topics on betting software, wagers, and more are being discussed. There is a schedule of topics that people can comment on, from July 15 up to September 9. The Lottery Board, meanwhile, has a September 15 deadline to approve the proposed regulations. This will then go to the Virginia Register, which they will publish. Local law requires a 30-day publication period for regulations to become effective. By mid-October, the state aims to begin accepting applications from operators.
Updates on the Virginia Sportsbook Industry
To recap, applicants will be paying for a sports betting license worth $250,000. This is good for three years. The renewal fee will be $200,000. Taxes are at 15%. The new regulations are covering which wagers are allowed (reference bets after an event starts), integrity monitoring, geotagging, even sportsbook software requirements. Advertising issues are also under discussion. So far, there is no cap for payouts in the state. If you look at various sportsbook bookie pay per head blog guides, experts usually recommend that bookies implement a cap in the payouts. But in Virginia, there is no such limit, which is quite worrisome for would-be applicants.
There will be prohibitions on betting on any of the colleges in Virginia. So for those who are into NCAA betting, for instance, locals will not be able to place bets on any Virginia event. There is also a ban on Prop bets in collegiate sports. So is betting on the Olympics.