Virginia online sports betting is growing ever closer to launch, and hopes are that wagers could be placed by residents even before the Super Bowl! Estimates are that the market could wager over $400 million this year.
Betting on sports was approved some time ago, but the state will have no land based sports books. Only online betting is permitted under the state law. Expectations are that the Virginia Lottery will green light dozens of betting websites in the state.
Sites that will be able to legally accept bets from state residents on a variety of sports. However, wagers are barred on games involving Virginia colleges and the Olympics.
Virginia Lottery Director Kevin Hall said the state has received 25 applications from would-be players in the industry. The law requires the lottery to pick a minimum of four and a maximum of 12 providers.
While lottery proceeds in Virginia are dedicated to education, tax revenue from sports gambling will go to the state’s general fund. You can read more about Virginia online sports betting at Fox 5.