Virginia Eyes Expanded Sports Betting with New Collegiate Wagering Bill

This legislation aims to legalize betting on local collegiate teams, such as Virginia Tech football or the University of Virginia basketball, marking a significant shift in the state’s sports wagering landscape.

Potential Impact of Legalizing Collegiate Betting

Brad Senkiw, a sports betting industry writer for Covers.com, views the bill’s passage as a potential game-changer. He points out the existing demand within Virginia for betting on local teams. By legalizing and regulating this form of gambling, the state could provide a safer and more controlled environment for sports enthusiasts who are currently resorting to out-of-state or illegal avenues.

Advocates for the bill argue that legalizing in-state betting on collegiate sports could protect athletes from unethical approaches. Senkiw highlights the risk of athletes being targeted from neighboring states like Maryland or North Carolina, where sports betting is legal or soon to be. Legalization in Virginia could mitigate these risks by bringing the practice under a regulated framework.

Sports Betting Boom in Virginia

Since sports gambling became legal in Virginia in 2021, it has witnessed remarkable growth. In November alone, Virginians wagered a record $639 million on sports. These numbers, sourced from BetVirginia.com, underscore the booming business of sports betting in the state.

The introduction of sports betting in neighboring states, particularly Maryland and the upcoming launch in North Carolina, poses a potential revenue loss for Virginia. Senkiw emphasizes the importance of including college teams in Virginia’s betting options to retain revenue, especially during peak betting seasons like March Madness.

While the bill aims to expand betting options, it maintains certain restrictions. Notably, it would continue to prohibit proposition betting (prop bets) on Virginia colleges, where bettors wager on specific outcomes in a game, such as a player scoring a certain number of points.

Our Comment on the Article

Senate Bill 124 represents a pivotal moment in Virginia’s sports betting journey, potentially opening up new avenues for legal wagering on collegiate sports. This move not only responds to the existing demand among local sports fans but also positions Virginia strategically in a competitive regional market.

The bill’s balanced approach, allowing wagering while maintaining restrictions on prop bets, reflects a thoughtful consideration of the risks and benefits involved. As the landscape of sports betting evolves, such legislative developments are crucial in shaping a responsible and economically beneficial gaming environment in the Commonwealth.