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Virginia Close to Legalizing Sports Betting

Virginia Betting Rules

April 15th 2020

Virginia is a state that many didn’t see as an early contender for legal sport betting a few years ago. The state has a very conservative history and besides lotto and horse racing, has never allowed gambling of any kind. All of the liquor stores in Virginia are state owned and alcohol is highly regulated. Virginia’s tight stance on alcohol and lack of gambling options have led many critics to jokingly call the state “The People’s Republic of Virginia”, an insinuation that they are more communist than democratic.

All jokes aside, Virginia has pushed legislation that would allow sports betting to the front burner in recent months. Not only that, but despite the corona-virus slow-down they have not been deterred.

The bills that were put forth to Governor Ralph Northam were sent back because of certain details which he did not agree. Namely, the $50,000 standard application fee as well as the renewal fees. The governor thinks there should be a sliding scale for the application fees and the renewal fee should be more expensive (from $200K to $250K per year). If these fine details are the only items holding up the proposed bills then you can bet that sports betting will be offered in Virginia by the start of football season.

The laws also specify that there will be 12 mobile betting licenses approved as well a 6 physical locations. Virginia has gone full Vegas and approved five brick & mortar casinos to be built. Their locations will be built in Bristol, Danville, Norfolk, Portsmouth, and Richmond.

The state will take 15% of revenue and is looking to sue that money for new schools and other general fund projects.

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