Final week, HB 1847 was pre-filed within the Virginia Normal Meeting. If handed, this measure would enhance the variety of licenses accessible within the state relating to sports activities betting. The business is about to begin this month in Virginia, and the brand new invoice is not going to cease this from occurring. The state nonetheless must approve functions for licensing earlier than companies can start within the state.
Presently, in Virginia, there are solely 14 whole licenses up for grabs. The lottery is in command of approving functions, and already 25 operators have utilized. The objective is for the lottery to supply the primary licenses over the subsequent few weeks.
Jennifer Mullen, the Director of Public Affairs and Neighborhood Relations for the Virginia Lottery, instructed Sports Handle in an email that the primary licenses for sports activities betting will probably be issued over the subsequent few weeks. If the brand new invoice is authorized, it will take impact in July of this yr, offering extra operators to obtain licensing sooner or later.
The brand new invoice doesn’t take away the cap that’s in place, nevertheless it adjustments the definition during which sports betting areas and/or entities rely in direction of the cap. The unique sports activities betting regulation within the state, which was handed a couple of yr in the past, as much as 12 licenses might be points. Nevertheless, licenses given to skilled sports activities franchises wouldn’t rely in direction of the cap. But, on line casino licensing does.
Altering with Language
Present regulation permits the state to supply as much as 14 licenses, the 12 plus one for the Washington NFL staff and the D.C. United MLS staff. 4 of the licenses should be related to casinos popping up in Norfolk, Bristol, Portsmouth, and Danville.
With HB 1847, the casinos would now not be the cap willpower for the business. The lottery would be capable to difficulty 4 extra permits. Another skilled sports activities groups which might be headquartered within the state or play at the very least 5 regular-season video games in Virginia, would have the chance to acquire licensing.
A number of operators have already utilized for licensing together with PointsBet, BetMGM, and FanDuel. Different firms have market entry through different offers. It’s anticipated that we’ll see massive names within the business because it begins to maneuver ahead.