Virginia HB 271 Would Establish Gaming Commission, Evaluate Prediction Markets
Virginia lawmakers have resumed their efforts to establish the Virginia Gaming Commission (VGC) as an independent entity to regulate all legal gaming activities in the state, including casino gaming, betting sites for sports betting, charitable gaming, and live horse racing with pari-mutuel wagering.
Virginia Gaming Commission To Study Prediction Markets
Lawmakers prefiled House Bill 271 on Jan. 9 as a step forward in the creation of the VGC, which would assume regulatory responsibilities previously held by the Virginia Lottery, the Virginia Racing Commission, and the Department of Agriculture and Consumer Services.
A commissioner, appointed by the governor, would oversee day-to-day management and report to the Gaming Commission Board.
If HB 271 is passed, the VGC would also conduct a study to evaluate “the legal, economic, technological, and public-policy implications” of prediction markets.
Commission Could Regulate Prediction Markets
Prediction markets are platforms where individuals can buy and sell contracts based on the outcomes of future events. Those events include real-world outcomes, such as for sports events, the weather, economic indicators, and political elections.
According to the legislation, HB 271 states:
“In the course of such study, the Commission shall (i) seek to define prediction markets; (ii) determine how it compares or differs from traditional gambling, derivatives, or financial instruments; (iii) explore how prediction markets are currently regulated under federal law and how state and federal courts have distinguished prediction markets from gambling or financial speculation; (iv) consult with the Office of the Attorney General and other relevant stakeholders on the legal implications of regulating prediction markets at the state level; and (v) conduct any other relevant research deemed necessary by the Commission.”
The study would be completed no later than Oct. 1, 2029.
HB 271 Would Increase Civil, Criminal Penalties
HB 271 would also increase civil and criminal penalties for gaming violations.
The bill specifies fines of up to $50,000 for individuals and up to $200,000 for non-natural persons involved in tampering with software, computers, or other equipment used to conduct on-premises mobile casino gaming.
Operating unauthorized on-premises mobile casino gaming could result in felony charges, license suspension, and fines reaching $100,000, as well as confiscation of gaming equipment.
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