Legislation Sanctioning Legal Sports Betting Passes in Late-Night Vote; Bill Now Heads to Virginia Governor's Desk for Final Approval
In the wee hours of the morning, Virginia joined the ranks of states allowing legal sports betting, courtesy of a late-night session by the General Assembly. House Bill 896 and Senate Bill 384, which both passed with a majority vote, will permit state-wide mobile betting and a limited number of physical sportsbooks. The tax rate on gross revenue will be set at a modest 15%, and only "official league data" can be used. Betting on Virginia collegiate sports and props on individual athletes will be banned.
The journey to this decision was a bumpy ride, necessitating two tries from a conference committee of bill sponsors to reach an agreement. Mark Sickles, the House sponsor, voiced his disappointment over giving up a complete prohibition on betting on college sports, whereas Jeremy McPike, the Senate sponsor, grudgingly accepted the Virginia-team ban, having initially proposed legislation allowing bets on all college sports.
The bills now await Governor Ralph Northam's signature, with Virginia potentially joining West Virginia and Washington, D.C., in offering legal sporting wagers within the region. While West Virginia has had live sportsbooks since 2018, Washington, D.C., has yet to launch their system. Maryland's General Assembly is currently debating a referendum bill on the matter.
The Virginia Lottery will oversee regulatory authority, and the number of online sportsbooks is yet to be determined, with DraftKings, FanDuel, and others gearing up for potential entry into the market. Notably, the bill also permits the opening of five Virginia casinos and mobile sports betting licenses for pro teams based in the state. The bill additionally mandates the use of official league data for in-game wagers.
While lawmakers on both sides may not be entirely satisfied with the final agreement, they sent a clear message that sports betting is now officially legal in Virginia. Stakeholders, on the other hand, may have mixed feelings about the data mandate's potential impact on operating costs and the ban on some college sports, which could potentially keep the illegal market thriving. Stay tuned as this developing story unfolds.
Sports-betting is now officially legal in Virginia, following the General Assembly's late-night session that passed House Bill 896 and Senate Bill 384. These bills permit state-wide mobile betting and a limited number of physical sportsbooks, with a 15% tax rate on gross revenue and a ban on betting on Virginia collegiate sports and props on individual athletes. As the regulations are implemented, stakeholders may have mixed feelings about the data mandate's potential impact on operating costs and the ban on some college sports, which could potentially keep the illegal market thriving.
