Sports might be at a standstill right now, but that doesn't mean that the competition needs to end. Virginia is one of those states where gambling has not always been legal, and that includes betting on your favorite sports teams. A new Virginia law has legalized sports betting just this week, and the industry could even be up and running by later this year.
The House and Senate bill passed earlier this week will go into effect on July 1, 2020.
While sports and gambling lovers could potentially be living out their lucky money-making dreams in as little as six months, exact dates as to when these industries will see a full launch has not yet been released — but the legalized legislation is now there.
Regulations for the new law and industry are being put in place by the Virginia Lottery Board, with the full list of rules to be created and released by September 15.
Virginia is the second state to legalize sports betting in 2020, behind Washington. Colorado has recently followed started applying its own legalization after a vote in November 2019, with their sports betting law going into effect this month.
People will be able to bet on all teams across the board; NBA, NHL, NFL, and even MLB contenders that call Virginia their home state. This includes teams that relate to the state as well.
Sportsbooks, also known as 'Bookies', that accept bets from would-be gamblers will have to pay a $250,000 licensing fee before they can be an official operator, with the license lasting three years.
Norfolk, Bristol, Richmond, Danville, and Portsmouth are the only cities in the state that are currently able to build a casino and each had to meet certain criteria before they were able to even be considered.
The cities can now start taking bids from large casino companies and some of these have already started the process of looking for bids, according to US Betting Report.
There's still some fine-tuning and regulations to be made for this new law and the Lottery Board is busy working on that. When sports get going again, Virginia might just be seeing an influx of visitors looking to place their bets.