Virginia SB 1126 Clears Senate, Sports Betting Odds Better

Virginia sports betting.

Virginia’s SB 1126 is the state’s most famed sports betting bill, and it has just cleared the Senate. What this means is that land-based properties will be allowed to apply for licenses and offer the first sports betting opportunities in the state.

The Senate Bill Clears the Last Legal Hurdle

When Dem. Sen. Louise Lucas introduced his bill, he might have suspected how successful SB 1126 would be. Well, all speculation aside, Mr. Lucas has done very well indeed, with the Virginia Senate just clearing the document.

The Bill will also be voted on in the House of Representative later today and the Committee on Rules will try to prepare an action plan regarding the implementation of the document.

Virginia is an interesting beast when it comes to gaming, as it’s willing to accept spots betting as long as certain conditions are met. We previously explained that SB 1126 expects casinos applying for licenses to meet specific criteria, such as:

  • A minimum unemployment rate of 4%
  • A poverty rate of 20%
  • Population decline of 7% between 1990 and 2016

To top it all off, the casino will have to take it to a vote whether a casino can be built or operate, leading to multiple mini-referendum state-wide.

Tribal casinos on the other hand will be admitted in cities that have at least 200,000 people living in them with 24% of all estate tax exempted from property tax. This is quite a few hoops to jump through for the state and would be operators.

Virginia’s Sports Betting Bill Gets Senate Approval

Still, given the wide endorsement of the segment in its current form, it’s very unlikely that any future business owner would remonstrate against the proposed measures.

Speaking of the legal end of things, the taxes that will be collected from the casino sector also seem to be rather mild compared to other places.

Virginia will seek only 10% of the companies’ gross revenue, with the money being divvied up between various funds, including:

  • The Virginia Public School Construction Grants Program and Fund
  • The Problem Gambling Treatment and Support Fund
  • The General State Fund

Later, there will be another fund, i.e. the State Local Casino Gaming Proceeds Fund, which will help local authorities develop their regions. This outlines the betting climate in Virginia.

Meanwhile, there are two more bills to keep an eye on, including SB 1238 and SB 1356, but at this point they both seem very unlikely to pass given the momentum SB 1126 has gathered already.

Nevertheless, lawmakers are trying to push from all directions towards the ultimate goal – legalizing sports betting, which should be good news for sports aficionados and companies eyeing expansion.

Aran Malik

“Magic Malik”—as we like to call him—is not only a tech whiz but a wizard when it comes to getting obscure news hot off the press so we know exactly what’s happening and can explore and report it back to our growing and loyal readerbase.

Leave a Reply

Your email address will not be published. Required fields are marked *