Final Touches Being Added To Sports Betting Bill In Virginia

The two Virginia Sports Betting bills, known as SB384 and HB896, were on track to sail through the Virginia Legislature. That was until Governor Ralph Northam asked for modifications to the bills. The specific issues Northam wants addressed are the matters relating to the tax allocation of the bill.

The sports betting bills were set to become law on April 11 until Northam sent the bills back to the legislature to take care of the modifications. A member from the governor’s sports betting task force said the bills will be passed into law this week.

There is not expected to be any holdups once the issues are redefined. According to a source from the sports betting task force, the bills were on the governor’s desk for two weeks while he reviewed them.

He decided that the portion of the bills that deal with where exactly the taxable revenue will go must be made more clear. It was agreed by parties that the money would go to the state school fund, for repairs to schools, renovations and new school construction.

Yes, Virginia, Online Sports Betting Too

A member of the Virginia Legislature said that sports betting licenses for online sports betting will cost $250,000, a very hefty amount some argue. Virginia joins a few other states that have been dealing with state legislative matters during the shutdown. The reasoning is that when things do start up again, states will need to find ways to bring in revenue, and having sports betting ready to go will be crucial some say.

There have been no specifics about which sportsbook would be the sports betting provider for the state. There are currently no physical casinos located in the state.

Therefore, there are no current partnerships that the state has with businesses. It could literally be anyone’s game at this point, time will tell.

No Official Start Date

As people in the Old Dominion State shelter in place and adhere to Virginia stay-home orders, there is no telling if the modified bills will pass. Northam, 61, a Democrat in office since 2013, was a physician before throwing his hat in the political area.

Northam has voiced his agreement that the state should have sports betting, with his argument being that neighboring states have legalized betting. If they don’t pass sports betting in the state, Northam has said that it would be a disservice to the people of Virginia.

People in Virginia are already crossing state lines to place their sports bets. The governor said the state of Virginia has needed a profitable revenue source for decades.

The state’s schools are in desperate need of repair, updated books, and pay raised for the teachers. The money the state will raise from sports betting is needed and will help everyone involved in the industry.