Virginia legislators have been hard at work drafting changes to the sports betting ang gambling bills to comply with the request of Governor Ralph Northam. And now that the bills were passed last April 22, the ball is now in the court of the Virginia State Lottery, the state’s gambling regulator. Of course, the process to open a sportsbook takes only a short while, but if you couple that with the timeline update of sports betting in Virginia, then residents may be waiting quite longer.
Sports betting and gambling laws in Virginia will only take effect starting July 1. The Lottery Board will have a meeting to discuss their policies by mid-July. And when you look at the law, there needs to be a public comment period for around a month. This is to get the insight of the public regarding regulations on sports betting.
Sports Betting In Virginia
If you look at bookie pay per head reviews, you will see that most of the sports betting software providers can help you set up your own operation in such a short amount of time. However, Virginia needs the time to formulate regulations on sports betting, much like one would do in a sportsbook. They will need to set limits on wagers, sports events people can bet on, among others. They will also be setting up licensing, collection of fees and taxes, and so on. All of the regulations that the Lottery Board comes up with will be due in September 15.
If this all works, then by late September, we can start seeing the Virginia Lottery accept applications for permits. Meanwhile, these applications have to be acted on within 90 days, if they will be given licenses or not. While the process is tedious, it is still good news for those in the sports betting industry. Virginia is only the second state to legalize in the US this year. On the other hand, pay per head service providers have been enjoying a steady increase in sportsbook registrations for a few years already.