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Virginia has approved new online Sports Betting regulations, setting up the likelihood of legal wagering commencing early in the new year.
On Tuesday, the Virginia Lottery Board approved its regulatory framework for legal online Sports Betting, following passage of the necessary legislation this spring. The Lottery will accept license applications between October 15-31, with the rules dictating a 90-day window for approving or denying an application.
There will be a minimum of four and a maximum of 12 Sports Betting licensees, and applicants will be judged based on their wagering experience and success in other US markets, reputation for following the rules and capacity to detect “suspicious or illegal gambling activity.”
Applicants will also be judged on their estimates of the betting and tax revenue they expect to generate from their Virginia operations, as well as the number of new jobs they expect to generate in the state. Applicants will need to demonstrate “serious, good faith efforts to solicit and interview a reasonable number of investors that are minority individuals.”
Also, preferred consideration will be given to license applicants who’ve partnered with “a major league team headquartered or competing extensively in Virginia.”
Should there be more applicants than available licenses, the Lottery will qualitatively compare applicants who reside in the top two-thirds of the applicant pool. If there are any licenses left over after this process, further study will be made of the cellar-dwellers.
Successful applicants will pay a permit issuance fee of $250k, with a further $200k to be submitted shortly before the three-year permit expires. The legislation approved this spring requires operators to pay 15% tax on their betting revenue.
Virginia has approved new online Sports Betting regulations, setting up the likelihood of legal wagering commencing early in the new year.
On Tuesday, the Virginia Lottery Board approved its regulatory framework for legal online Sports Betting, following passage of the necessary legislation this spring. The Lottery will accept license applications between October 15-31, with the rules dictating a 90-day window for approving or denying an application.
There will be a minimum of four and a maximum of 12 Sports Betting licensees, and applicants will be judged based on their wagering experience and success in other US markets, reputation for following the rules and capacity to detect “suspicious or illegal gambling activity.”
Applicants will also be judged on their estimates of the betting and tax revenue they expect to generate from their Virginia operations, as well as the number of new jobs they expect to generate in the state. Applicants will need to demonstrate “serious, good faith efforts to solicit and interview a reasonable number of investors that are minority individuals.”
Also, preferred consideration will be given to license applicants who’ve partnered with “a major league team headquartered or competing extensively in Virginia.”
Should there be more applicants than available licenses, the Lottery will qualitatively compare applicants who reside in the top two-thirds of the applicant pool. If there are any licenses left over after this process, further study will be made of the cellar-dwellers.
Successful applicants will pay a permit issuance fee of $250k, with a further $200k to be submitted shortly before the three-year permit expires. The legislation approved this spring requires operators to pay 15% tax on their betting revenue.
