Sports betting operators are frustrated about overprotective betting regulations, like informed bets, for Virginia residents. Those expecting a smooth transition to legalized sports betting into Virginia are no longer as optimistic. The state is witnessing a substantial push back from sports betting operators.
It did not arrive for Virginia in time for the start of the NFL season, and it appears that the “fine-tuning of the rules” could not be carried out smoothly. In fact, as the launch date of 2021 approaching, the concerns are growing that the issues over these proposed regulations could drag the start of sports betting.
A Glimpse to an Eventful Year
Indeed, 2020 was an eventful year for Virginia online gambling, as it coincided with the legalization of sports betting in the state. The bill would enable it for four to 12 different sports betting licenses to be issued with the state.
According to initial projections, the state expected to draw an estimated $55 million in tax revenue each year. Such a whopping source of revenue would be much appreciated amid tough times, allowing the state to proceed with a variety of projects.
For the first phase of sports betting it is planned to be an online-only option where residents will be able to place bets on mobile apps. This offers an increased level of convenience, something highly desirable within the industry.
Having said that, Virginia has not shut the possibility of brick-and-mortar casino sports betting. In reality, the plans are to ensure its availability in a number of casinos. It’s only that the emphasis at the launch will be on mobile betting first.
What’s the Delay?
For now, the Lottery is witnessing a review process, taking a look at all of the sports betting regulations that have been suggested. The objective is to figure out the particulars so that the issues are ironed out, and people will be aware of what to expect when it goes live.
Yet, the process has led several sports betting operators to raise concerns with some of the proposals, mainly the consumer protection measures.
All of the rules and regulations of sports betting will be incorporated in whats called the Sports Bettors Bill of Rights. The purpose is to ensure the transparency of the entire betting experience, with bettors to know what to expect.
As part of these regulations, it will be up to the sports betting platforms to give vital information to bettors enabling them to make a more informed bet.
What does this mean?
It simply means the bettors would be provided with information regarding the odds of winning a specific bet, and a detailed description of how odds are actually calculated. Other information that the players would be given includes the payout amount and the handle.
This is a unique situation for the sports betting operators who are to operate in Virginia as they don’t need to extend any such information in any other state. According to them, this information that they will bound to provide in real-time would be time-taking and would complicate the overall betting process.
While responding to the proposed regulation, FanDuel released a statement:
“Sports betting apps are simply not built to offer and display this kind of information. As such, this requirement would force a re-engineering of the products, create a demonstrably worse user experience, and give information that is immaterial to the calculation of the odds and payout a player will receive.”
FanDuel also added that some of the odds and information being demanded by the rules cannot be obtained.
In fact, the Virginia operators have gone on to point out different issues with the proposed betting regulations, including issues surrounding advertising and betting on the Olympics.
As for now, the Virginia Lottery Board is scheduled to meet on September 15 to vote on the newly proposed rules. Let’s see what they decide.