In the Virginia legislature, recently introduced sports bills and joint resolutions could change the state’s sports betting market.
A pair of joint resolutions, SJR 24 and HJR 63, would create a gaming commission to oversee sports betting. Currently, the Virginia Lottery regulates sports wagering in the state.
SB 96 would prohibit sports betting and casino gaming operators from using “Virginia” or “the Commonwealth” in advertisements. Violating this ban could lead to a $50,000 penalty.
HB 1103, sponsored by state Del. Mark Sickles, would require sportsbook operators to include bonuses and promotions as taxable revenue after their first 12 months of operation. The bill would let operators benefit from tax deductions for promotions for a year, to help attract customers, but then those promotions and bonuses would be taxed, bringing more tax revenue to the state. The measure also would prohibit sports betting operators from carrying over losses on a monthly basis when calculating taxable revenue. The bill was referred to the General Laws Committee.
Two other bills, HB 1127, introduced by state Del. Schuyler VanValkenburg, and SB 576, sponsored by state Senator Monty Mason, would allow wagers on Virginia colleges and universities. Mason said Virginians already are betting on Virginia colleges on the black market. He said, “How many people in the room when I present this think that no one placed a bet on the Virginia-Virginia Tech football game this year? All you’re doing is driving this activity back to where it was, and that’s underground.”
Mason said legalizing collegiate betting actually would limit potential corruption and fraud in sports wagering. The bill still would prohibit prop betting on Virginia college athletes, which Mason said would address concerns about outside parties influencing athletes. The bill also would generate revenue for the University of Virginia and Virginia Tech, Mason said.
Virginia Tech’s athletic department estimated $185 million was wagered nationwide on Virginia Tech football and basketball during the 2020-21 season, including nearly $25 million on the men’s basketball team’s NCAA tournament match-up against Florida. Mason said it’s likely Virginia Tech, UVA, Liberty, JMU, Old Dominion and others also would receive significant betting action.
Mason said he’s not certain his legislation will pass. He said he’s more focused on the state budget. The bill is “not something I’ve stayed awake at night thinking about,” he said.
