Sports betting continues to expand in the United States and the latest news from the state of Virginia underlines how competitive the growing market has become.
According to local news reports, the Virginia Lottery Board has revealed that it has received 25 applications for new mobile betting licences in the state.
The Lottery Board has not revealed the names of the 25 applicants, although they have confirmed that these applications were all received between October 15 and October 31. According to the bill passed by the Virginia legislature earlier this year, the state Lottery is required to issue a minimum of four licences and a maximum of twelve, although the cap on the number of licences does not apply to selected major league sports franchises based at any facility in the state.
The cap will include other applications, including those from casino gaming partners operating in the cities of Danville, Norfolk, Bristol and Portsmouth.
The Lottery have stated that they will consider a range of factor when reviewing the applications, including the applicants’ past experience and success with sports betting in the US, along with their previous efforts to solicit minority investors and the estimated number of new jobs and tax revenue they expect to generate through operating in Virginia.
Speaking about the application process, the Executive Director at the Virginia Lottery, Kevin Hall, said that it showed that the regulations developed in Virginia are attractive:
“The high level of interest by national and international sports betting operators validates Virginia’s efforts to strike an appropriate and responsible balance in its regulatory program for legalized sports betting. We are confident that the deliberative review process we are undergoing now will result in a successful program that protects consumers, athletes, and taxpayers.”
The application process got underway last month after the Lottery agreed to the rules that will govern the new market in September. Along with the minimum and maximum license requirements, other measures that will apply include a $50,000 for securing a license, while any approved operators will be required to pay a 15% tax levied against adjusted sports betting gross revenue.
In addition, all licensed operators will be required to use proven geo-location and identity verification technology to confirm that their online customers are aged 21 or over and that they are physically located in the state of Virginia: two essential requirements of the new betting market.