Virginia sports betting

Sports betting could be coming to Virginia soon

Sports betting could soon be coming to Virginia, after legislators have added Governor Ralph Northam’s recommended changes to the bill. 

Northam requested a range of amendments to House Bill 896, which Senators approved back in March. 

The law will, if approved, allow players to wager both on their desktop and mobile devices. 

New additions 

Third-party skins will be available, after the Governor said that he’d like to make it possible for operators to provide this service “under a name other than their own”. 

In addition to this, licence fees have been changed. The original proposal was $250,000, which has now been amended to $50,000 for each of an applicant’s ‘principals’. Principals are defined as anybody controlling 5% of more of a business’ shares, or anybody owning 5% or more of said company. 

The Virginia Lottery will have an extended window to consider whether or not an application should be accepted. Originally 60 days, this has now been pushed up to 90 days. 

Other details for Virginia sports betting 

Tax rates for sportsbooks have been lowered. The original proposed percentage was 20% of gross gaming revenue (GGR), but this has been brought down to 15%. 

Licences will last for three years once applications are accepted. Renewal fees will be priced from $200,000 – $250,000.

If the Washington Redskins choose to move to the state, as they have been considering, they will be allowed to have both an online and land-based sportsbook. The NFL outfit currently plays in Maryland, which is also looking at legalising sports betting this year. 

Neighbouring Washington D.C. has also approved sports betting into law, but the launch has been delayed.

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