Virginia Sports Betting Regulations Revealed

As the gears of sports betting continue to turn in a new direction, many players are shaping the market. These include sportsbook operators, leagues, casinos and gaming facilities (including commercial casinos and Native American entities), and state lawmakers and lotteries. In addition, the Supreme Court ruling overturned a federal ban and has made it possible for states to regulate sports betting.

Official betting is any form of wagering on a particular event in which an individual has a professional responsibility to perform, such as a player, umpire, or club or league official or employee. It also includes a player or coach of a team that competes in an international event sponsored by the WBSC. Among the rules of official betting, there is a prohibition on the dissemination of inside information to be used for making a wager or to assist another person in making a wager. The penalty for this type of activity is a ban from playing in any future international competition sanctioned by the WBSC.

Several sportsbook brands are now live in Virginia. FanDuel, in partnership with the Washington football team, was first to launch on Jan. 22, 2021. DraftKings, BetRivers, William Hill, WynnBET, and Golden Nugget are now up and running. PointsBet and Barstool Sportsbook are expected to enter the market soon. In addition, the state’s online and mobile markets will be shaped by its unique rule that requires a sportsbook to keep at least 10% of bets, compared to an industry average of around 7.5%.