November 13, 2020 Sports Betting, Legal

Virginia Lottery reviewing 25 sports betting permits

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The Virginia Lottery has announced it is reviewing 25 applications for mobile sports betting permits.

All applications were made during the initial application period, which opened on 15 October 2020 and closed on 31 October.

The names of specific applicants have not been released, but the Virginia Lottery must issue a minimum of four and maximum of 12 permits.

Permit holders will be selected based on a number of factors, including their efforts to solicit minority investors, their previous experience within sports betting, and the number of potential new jobs and tax revenues they could generate, among many other issues.

“The high level of interest by national and international sports betting operators validates Virginia’s efforts to strike an appropriate and responsible balance in its regulatory program for legalized sports betting,” said Virginia Lottery executive director Kevin Hall.

“We are confident the deliberative review process we are undergoing now will result in a successful program that protects consumers, athletes, and taxpayers.”

The statute enacted by the General Assembly (passed earlier this year) states that the cap of 12 permits does not include applications that have connections with certain major league sports franchises based in Virginia.

Such applications include those who may be tied to franchises that are either headquartered in or play at a facility across the state.

A $50,000 fee is required to secure the permit, while those approved will be required to pay a 15% tax on adjusted sports betting gross revenue.

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