Virginia legislators are debating whether to allow wagering on in-state colleges and universities, and if casino operators must report revenue resulting from promotional bonuses given to customers.
Currently, Virginia gamblers currently are prohibited from wagering on the University of Virginia, Virginia Tech and other in-state colleges and universities. But that could change with HB1127 sponsored by state Del. Schuyler T. VanValkenburg, allowing sportsbooks to accept bets on sporting events at Virginia colleges and universities.
The state has 14 NCAA Division I college athletic programs, including the Virginia Cavaliers, Virginia Tech Hokies and Liberty Flames, for example. Allowing bets on in-state schools could attract new bettors and lead to an increase in gaming and tax revenue, observers said.
VanValkenburg’s proposal bill only would allow wagers on an event’s outcome; prop bets will would be banned.
The House has not assigned HB 1127 to a committee yet. SB 576, the companion bill, was referred to the Senate Committee on General Laws and Technology.
In addition, state Del. Mark Sickles filed HB 1103 which “prohibits sports betting operators from excluding bonuses and promotions from taxable revenue after the first 12 months of wagering activity. The bill also eliminates the ability of sports betting permit holders, when calculating taxable revenue, to carry over losses on a monthly basis.”
Sickles’ proposal would continue to tax sports betting revenue at 15 percent. In November, the most recent month with sports betting data, Virginia took in a record $4.2 million in sports wagering taxes.
The state’s 11 licensed sports betting apps took in total wagers of $402.6 million in November and reported adjusted gross revenue of $29.9 million.
In October, Virginia reached $2 billion in total sports betting handle as sportsbooks accepted $427.3 million in sports bets.
