Virginia To Potentially Launch Sports Betting In 2019
Though 2018 was a busy time for sports gambling in the mid-Atlantic, it looks as if 2019 could be the year for legal Virginia sports betting. Though still speculative, it looks as if Virginia may attempt to regulate sports betting during the upcoming legislative session.
During a public lottery meeting on Wednesday, Virginia Secretary of Finance Aubrey Layne sparked the conversation on the state moving forward with approving sports betting.
“You’re going to see a big push in the General Assembly session, probably the beginning of this year,” said Layne. “Because, as you all know, there are significant monies involved in (sports gambling) – very significant.”
“Significant” is almost an understatement when you consider the $58 billion that the American Gaming Association (AGA) estimates was bet on football games just last season. The AGA also noted that of the $15 billion wagered on Super Bowl LII and March Madness, only 3% was wagered legally at Nevada sportsbooks.
With figures like these, it should come as no surprise that Virginia wants in on their cut of the action. Further adding to the pressure is the fact that all of their neighbors have legalized sports betting.
Delaware launched sports betting at three casinos on June 5th, New Jersey began accepting sports wagers on June 14th, and West Virginia sports wagering is set to launch by the start of the 2018 NFL season.
To give a general idea of the potential revenue that Virginia is missing out on, consider that within a 20-day period, Delaware took in $7 million in total bets and about $1 million in state revenue. New Jersey sportsbooks accepted $16 million in bets in just the first two weeks of opening.
The comment made by the state’s secretary of finance comes after a 2017 report by Eilers & Krejcik Gaming, LLC suggested that Virginia would offer sports betting within two years. While the odds are shifting more in favor of legal sports betting in Virginia, it is by no means a sure bet.
Several points would need to be taken into consideration, with one of the obvious factors being Virginia’s current lack of gambling options. There are no casinos within the state, and lawmakers have consistently opposed expansion.
That being said, the step recently took a step in the right direction by approving historical horse racing machines at Colonial Downs in Richmond. These are not considered slots, but allow patrons to wager on horse races void of identifying information that happened in the past.
One aspect that Virginia does seem to have more clarity on is which entity would oversee sports betting operations in the state.
“Let me just pitch on the 30-year history and the brand, the existing retail network and the proficiencies we have in marketing,” stated Kevin Hall, executive director of the Virginia Lottery. “And the fact that we do support policies of social purpose.”
States like Rhode Island, which technically approved sports wagering in 2012, have had their state lotteries play an active role in regulation. International Game Technology (IGT) runs Rhode Island’s sports gambling and has been a longstanding partner of the state lottery. IGT also has an existing partnership with the Virginia Lottery and their current gaming system, which would make for a seamless transition should it bid to take over sports betting in the future.
Only time will tell if and when the legislature chooses to legalize sports betting in Virginia, but it does seem that a regulated market is inevitable. Gaming industry officials in the state are taking a wait and see approach, taking time to further research the sports betting industry.
“We’re like everyone else, we’re waiting to see what the General Assembly decides,” stated John Hagerty, a lottery spokesman. “The landscape has changed dramatically, just in the last few months. We obviously want to educate ourselves, but we don’t know if the lottery is going to play any role in sports betting – if sports betting even comes to Virginia.”
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