The Virginia Lottery Commission (VLC) will be in charge of sports betting in the state. According to new reporting from CBS 19 News, the VLC will be giving online sports betting the green light long before the Super Bowl on February 7, 2021.
Sports Betting officially became legal in Virginia on July 1, 2020. That is the day that Governor Ralph Northam signed a sports betting bill into law. Northam, a Democrat, and former Pediatric neurologist was very active in getting sports betting passed into law. It has not formally launched, and one reason given for the delay is the ongoing issues with COVID-19.
Now with an added measure passed by the Virginia House to allow sports betting online, there is even more reason to proceed. Sports betting fans can place their wagers from their own homes and will not have to go to a physical location.
FanDuel & DraftKings Already Have Contracts
Some very heavy hitting sportsbooks have already staked their claims in the ‘Old Dominion’ state once sports betting becomes a reality. DraftKings, FanDuel, and BetMGM all have standing contracts in Virginia and are expected to be a huge presence in the state across many gaming platforms.
According to VLC officials, there are over 12 different sports betting sites in the state that will be ready to go once sports betting launches during the first week in January. Lottery officials told CBS News that they are expecting Virginians to spend at least $400 million on sports betting during the first year. They also predict that the market, as in other states, will continue to grow and be able to enhance Virginia programs for children.
The director of the VLC, Kevin Hall, explained how applications would work going forward. The Virginia voters Also approved other types of gaming at the same time that sports betting was voted in. However, Kevin Hall said, sports betting will launch before four casinos are up and running. Hall said that the VLC has already processed 25 applications for various gaming licenses.
Virginia Can Have 12 Applicants Operating
According to Virginia law, the VLC can allow no more than 12 gaming applicants to operate in the state. According to the gaming laws, the VLC has to award at least 4 applicants’ licenses, but the maximum is no more than 12 applicants being awarded licenses. Hall advised that there are some exemptions to the 12 limit of granted licenses. The legislation that was approved has an exemption for sports teams that have their base in Virginia.
Those teams that apply for licenses are not counted in with the rest of the licenses. Hall expects close to 20 licenses being granted due to the exemption. Some of the teams expected to be granted licenses are the Washington Football team and the NHL’s Washington Capitals, which are considered Virginia’s ‘adjacent teams.’
There are also teams from NASCAR that have bases in Virginia that will be covered under the exemption rule. Hall said, ‘any teams that will have sports betting will do so via partnerships with sports betting platforms like FanDuel and BetMGM.’
