Despite confirming an initial timeline on Tuesday, the Virginia Lottery maintains its expectation to grant the first Virginia sportsbook licenses in early 2021.
Although a specific date has not been determined, VA Lottery officials confirm that the process is progressing smoothly. This suggests that the launch could potentially take place in January, conveniently coinciding with the NFL Playoffs for betting.
During today’s sports-betting update, Virginia Lottery executives chose to withhold an important piece of information: the identities of the companies that have applied for licenses.
Despite this, there remains a high level of interest among sportsbook operators, particularly due to the possibility of becoming operational in just a few months.
Kevin Hall, the Executive Director of the VA Lottery, stated that they expect to be able to issue the first operator permits for mobile sports betting in Virginia in the beginning of next year.
Early-2021 decision on Virginia sportsbook licenses
While lottery officials have not disclosed the roster of sportsbook operators who have shown interest, it is not entirely undisclosed.
Several prominent companies have already shown interest in the legalized sports betting market in Virginia. In fact, even before the official sportsbook regulations were published by the VA Lottery, potential operators provided their input on the draft regulations and played a role in shaping them.
According to Legal Sports Report, there are several sports-betting giants that are still interested in establishing a presence in the Virginia market.
- BetMGM
- DraftKings Sportsbook
- PointsBet
- theScore Bet
- WynnBET
Furthermore, the projects in all four Virginia cities with casino referendums were officially approved by voters on Tuesday. As sportsbook licenses are issued, the Virginia Lottery will prioritize those operators. The maximum number of licenses has been set at 12, with a minimum requirement of four, as determined by lawmakers.
During a two-week duration, from October 15th to October 31st, those companies submitted formal applications for a sportsbook license.
What Virginia wants from sportsbooks
What specific criteria will the VA Lottery seek in potential sportsbook license applicants?
First up is a detailed examination of their formal applications, according to Gina Smith, Deputy Director of Gaming Compliance at the VA Lottery.
I am delighted to announce that there is a considerable level of interest from various industries in Virginia. Presently, we are diligently reviewing all the applications and ensuring that they have submitted all the required documents as per our request. Once this evaluation is complete, we will proceed with conducting background investigations to assess the financial stability and criminal records of the applicants. These investigations will aid us in determining which individuals or businesses will be granted permits in Virginia.
Hall said that Spectrum Gaming Group has been contracted by officials to conduct the vetting process. Additionally, the fingerprints will be cross-checked with the databases of the Virginia State Police and FBI.
Smith stated that, besides the financial and criminal aspects, the VA Lottery will take into account supplementary factors.
- Having a track record of maintaining integrity and adhering to regulatory frameworks in various jurisdictions throughout history.
- Virginia is expected to generate a significant amount of revenue for the sportsbook.
- The individual has shown their capability to adhere to the internal controls implemented by the VA Lottery.
- Any other relevant factors
The commonwealth of Virginia eagerly awaits the launch of its sportsbooks as neighboring regions such as West Virginia, Tennessee, and Washington, DC, already enjoy legal sports betting. Furthermore, Maryland voters have laid the foundation for their own market, similar to what North Carolina recently accomplished.
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