A bill to legalize sports betting by the Virginia Lottery cleared the House Monday.
House Bill 896 would direct the Lottery to issue online/mobile sportsbook approvals. It also would allow the Lottery to sell tickets to games via the internet. Sports betting would be taxed at 20%.
The vote was 69-29.
The House bill would allow up to 10 permits. A companion Senate bill, SB 384, also would allow up to 10 permits.
The Senate vote was 27-12.
The bills aren’t identical, so they would have to be reconciled.
The Virginia House just passed the sports betting law. Still needs Senate and Governor approvals. Of note:
-Online/mobile betting is legal
-No betting on Va colleges
-No in-game betting on any colleges
-Pro sports teams can offer in-stadium betting— michael phillips (@michaelpRTD) February 10, 2020
Momentum growing – Virginia Senate passes a similar bill. Two differences:
1) No ban on Va colleges/in-game college betting
2) sports books for pro teams limited to stadiums yet to be built.Both sides now meet to come up with a final version, then send it back for new votes.
— michael phillips (@michaelpRTD) February 10, 2020
Timeline, market potential
The Virginia legislative session expires in early March, so the bills have about three weeks left to cross the finish line. If successful, Virginia could possibly see sports betting launch in late 2020 or early 2021.
Virginia isn’t home to any casinos, but the proposals would allow some retail locations.
A 2017 study commissioned by the American Gaming Association predicted Virginia could see $5.2 billion in annual handle and $380 million in taxable revenue under market conditions similar to those in the bills.
Virginia Senate votes 27-12 to allow sports betting and online sports betting/lottery. House supports similar bill, so assuming no hiccups in getting language finalized, looks like sports betting is on the way to Va.
— Max Smith (@amaxsmith) February 10, 2020
