The Virginia Lottery revealed on Monday a full draft of new regulations detailing its upcoming sports betting industry for the public scrutiny. The move is aimed at allowing public comments on the regulations throughout the coming weeks before the authorities finalize details.
It should be noted that Virginia sports betting will not be available until at least 2021. Still, the state’s Lottery Board is seeking to ensure the transparency of this process.
Virginia Betting Regulation Cover Various Topics
Enclosed in a document titled “Sports Bettor’s Bill of Rights,” these regulations are meant to include consumer protections within the industry.
In addition, the document also covers the application process thoroughly that sportsbooks will require to undergo in order to get a license. These are being termed as the “initial regulations,” and the objective is to enlighten the public, providing them the opportunity to weigh in on the industry.
Some of the leading issues that the legal text discusses include overall operations, internal controls, and enforcement of the regulations. The authorities are inviting the public to read through the text and submit their comments or concerns they may have regarding the Virginia Lottery Board by September 9th.
While commenting on the process, Virginia Lotter Executive Director Kevin Hall said:
“The regulatory framework we are devising now is vital to the process, and we are committed to following it with transparency to offer stakeholders and the public to weigh-in on these preliminary rules for sports wagering in Virginia.”
What’s Ahead for Virginia’s Sports Betting?
As the betting document is now open to public scrutiny, the process will take some time. Indeed, there is still much work to be done.
The next deadline is September 15th, on which The Lottery Board shall approve the final version of the sports betting regulations in Virginia. So, it leaves the officials little more than a month to study any public feedback to conclude the final details.
Once approved, the finalization of the application process will be the next step. At this stage, mobile platforms will be allowed to apply for a license. The Lottery Board expects to move to this phase by the first week of October if all goes according to the plan.
The ultimate objective of the Lottery Board is to have the first licensed mobile platforms up and running by early 2021. It would be an ideal time to capitalize on the Super Bowl, the most awaited sports betting event of the year.
Regarding the issuance of the number of licenses, the state lottery will be authorized to issue as many as 12 licenses meant exclusively for online sports betting platforms.
However, operators will have to ensure the physical presence of bettors in Virginia. Plus, they must be over the age of 21 before they are allowed to place a wager.
Regarding what people will be allowed to bet on, the law further authorizes for sports betting on the majority of college sports and major league sports. Yet, it bans any wagers to be placed on games, including teams from Virginia colleges and universities. The move is aimed at ensuring integrity in these collegiate sports.