Virginia Online Sports Betting Rolling Out Gradually
Things are moving fast in the sports betting realm across the nation. January had a momentous occasion for the state of Virginia. The long-awaited launch of Virginia sports betting arrived. As of January 21, 2021, you can legally place a bet on your favorite team or sport.
It has taken just under a year from when the bill was signed into law and legal sports betting became available for the people of the Old Dominion State. You do not have to be a Virginia resident. As long as you are 21 years or older and within state limits, you can enjoy Virginia’s legal gambling. Place your bets from wherever you are using a Virginia sports betting app. It’s easy, safe and 100% legal.
Several sports betting operators are already offering the service and we expect to see a lot more starting to offer legal Virginia online gambling throughout the year.
Back in March 2020 was when we first saw movement towards legalizing Virginia online gambling. Two bills were passed, SB 384 and HB 896, by the Virginia General Assembly and Senate to legalize sports betting in the state.
When the bills were presented, Virginia Governor Ralph Northam made some amendments which were sent back to the lawmakers. These amendments were then approved on April 22, 2020. With this approval things became official. Virginia online sports betting has been made legal and work could commence on making it available to the public.
Kevin Hall who is Executive Director of the Virginia Lottery, the regulating body of sports betting in the state, made a statement to the press in early January: “Fans may be able to bet on the Super Bowl. We’ve moved pretty far down the field in building out the sports betting program.” Hall is heading the authority overlooking the licensing process in the state and ensuring that compliance standards are met by the operators. Therefore many in Virginia took his predictions with caution. However we are happy to report that the Hall and the Virginia Lottery delivered on their word.
To be able to operate in the Virginia Online Gambling market requires a license. This means that any both operators and other suppliers who are interested in entering the Old Dominion State will have to apply for different classes of certification. At initial stages, 12 operator and 23 vendor supplier licenses were approved, amongst which is leading US marketing agency MediaTroopers. As well as The ability to offer a Virginia Sportsbook comes at a price of $250,000 for three years. On top of that the operator must also pay a tax of 15%.
According to the two bills that were passed, there are some stipulations for the Virginia Lottery on the licensing and application process. The bills state that the authority “is required to issue a number of permits that will maximize tax revenue collected pursuant to the bill.” This is also indicated in the number of applicants for a license in the state.
January 21st marked the launch of Virginia legal gambling online, not far behind the launch of Michigan online betting. It was a hectic first few days, with FanDuel Sportsbook being first out of the gate. Just days after they launched, we saw Draftkings Sportsbook launch their service.
Shortly after that it was BetMGM´s turn to open their doors, having received a temporary permit. These are but a handful of those that are looking to offer Virginia sports betting online.
According to the bill, only 12 online-only licenses can be approved. This means that less than 50% of the applicants will receive their license in the state. The bill also stipulates that a minimum of 4 licenses must be approved.
At the time of writing this article, there are 25 active applicants for a license to enter the Virginia sportsbook market.
Currently known applicants include US Bookmakers WynnBet, theScore bet and Handle 19. These are but a handful of those seeking to enter the Virginia legal gambling market.
With 3 licenses already granted, many operators are fighting for the remaining 9. Whether Virginia Lottery will issue all 12 licenses or not remains to be seen. Given the stipulations written in the bill we would say it is highly likely the state will grant more licenses soon.
The rush and pressure to create multiple licenses is good news for Virginia punters. This means that there be no shortage of operators to choose from. With a large selection there will also be a large variety off bets on offer, all in the punters favor.
We expect to see the Virginia Lottery approve more licenses within the first six months of 2021. The earlier these are granted, the sooner the state can start collecting the tax which is much needed these days to assist the economy amidst the COVID-19 pandemic. So it is in the best interest of the state to see that this happening as soon as possible.
Virginia one of the latest states to join the online gambling market. It has shared January limelight with Michigan online betting that has also gone live on the same month. Both states planned to launch much earlier in 2021, but COVID-19 restrictions caused delays.
We will perhaps see more delays continue into 2021. However it will not stop the momentum of the growing US legal market and the number of states joining the movement. Yes, 2020 made it difficult for many to conduct business but despite this, several states managed to launch their legal online gambling apps. Both Michigan and Virginia confirm this. These 2 states have paved the way for what is to be a very exciting year.
Currently sports betting is legal in Virginia, New Jersey, Pennsylvania, West Virginia, Tennessee, Illinois, Colorado, Michigan, Iowa, Delaware and Nevada. Besides these, there are an additional 22 states that have put forward legislation, in hope to launch soon. It remains to be seen if this is something that will happen during 2021. Given the current climate and the revenues expected, it would be foolish not to.
Anyone over the age of 21 that is within state lines can open an account and place a bet in Virginia. You don’t have to be a state resident. Betting is safe, secure and 100% legal.
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