RICHMOND, VA (WVNS) — A nearly three year process now coming to fruition. Kevin Hall, Executive Director of the Virginia Lottery said the approved sports betting agencies will be receiving their credentials soon. He said the hope is Virginians are able to wager on the Big Game.
While sports betting is now legal in Virginia, there are a few things those participating should know.:
“The Virginia law allows wagering both pregame and during the game for professional sports. It allows wagering pregame on college sports but it doesn’t allow any wagering at all on Virginia college sports,” said Hall.
Virginia law only allows mobile sports betting, according to Hall. He said this is a new venture for the state but he is confident with the expected numbers.
“The best estimate that our legislature is working with is that with a 15 percent tax break which is in Virginia law. The state could see as much as 45 or 50 million dollars in yearly tax revenue by about year five,” said Hall.
Hall said they took the best aspects of sports betting from different states when writing the regulations.
“My sense is that we’ve come up with a reasonable and responsible set of regulations that borrows on the best of other states. And that will allow us to launch sports betting in a way that Virginia consumers can feel like there’s some protections for them and that it’s all being conducted on the up and up,” said Hall.