Virginia Accepts Sports Betting Applications
The Virginia Lottery began accepting license applications to operate sports betting October 15. They will stop taking the applications October 31 and will take 90 days to process them.
Operators of sports betting October 15 began lining up to apply with the Virginia Lottery for licenses.
Well, lining up isn’t exactly right, since the applications are all performed online. They will be taken until the end of the month.
Permanent rules for sportsbook have been posted on the Virginia Register.
The Lottery will have up to 90 days to approve or disapprove of applications. The soonest an operator could begin taken wagers is January 15.
Almost certain to apply are the established players, including DraftKings, FanDuel, FoxBet, Penn National/Barstool and PointsBet.
The Legislature approved sports betting earlier this spring and the law became effective July 1.
Initially sports betting will be limited to mobile devices and online. Retail sports book will be allowed, but will be limited to five brick and mortar locations that will be decided by voters of the communities where they are being proposed.
Voters in Bristol, Danville, Norfolk, Portsmouth and Richmond are voting on retail locations this November.
Bristol is partnering with Hard Rock, Danville has linked up with Caesars Entertainment and Rush Street Gaming will be operating in Portsmouth—all of course, are subject to approval by the voters.
Regulations allow for as few as 11 and as many as 14 digital sportsbook platforms. Five will need to be attached to existing brick and mortar casinos.
Operators will pay $250,000 for a license, $125,000 for a sports betting platform, and $50,000 for a principal application or supplier who won’t be operating a sports betting platform.