Virginia approves sports betting regulations

Simona Boshkova | Published 17 Sep 2020, 1:19 p.m.

The number of US states that are legalising sports betting is increasing, one of which is Virginia. Earlier this year, the Virginia Lottery set up proposed rules for legalising sports betting. The state also gave the citizens a 60-day period to express their opinion on this topic. After that, it was reported that the Virginia Lottery announced more sports betting rules, including permissible wagers, house rules, geolocation systems, monitoring, advertising, and sports betting platform requirements.

Now, the Virginia Lottery Board has approved sports betting regulations, opening doors for the licencing process to start next month. These regulations are important because they include a Sports Betting Consumer Protection Program that contains a Bettors’ Bill of Rights.

A comprehensive Consumer Protection Program included

The Virginia legislature approved sports betting in April and it became legal from July with Gov. Ralph Northam’s signature. The law handed Virginia Lottery the task of developing and approving the sports betting regulations. Kevin Hall, Virginia Lottery executive director, said that they have received and evaluated several hundred comments submitted by citizens, operators, and major sports leagues. This feedback helped them to update and approve the regulations.

The approved regulatory framework will see a comprehensive Consumer Protection Program which will include provisions for self-exclusion, data protection and underage gambling protections, as well as information about wagers that may be unique to the sports gambling industry. In addition, it’s expected that Virginia will hand out a total of 12 licences, probably to the applicants that are partnered with major league teams in the state. Licenced operators will also be required to use identity and geo-location technology to verify that players are at least 21 years old and physically located in Virginia.

Another key aspect of the regulations includes that operators will have to pay a 15% tax on the sports betting gross revenue. The application process is set to start in the middle of October, and the Lottery has up to 90 days to approve or deny a permit. Moreover, the Lottery said that the licenced mobile platforms can start taking bets from early 2021. Among the key criteria for selecting the applicants will be the experience in wagering activities, reputation for compliance, and having procedures in place for detecting and reporting illegal gambling.

DraftKings has signed a multi-year partnership with NY Giants

After becoming an exclusive daily fantasy sports provider across all ESPN platforms, DraftKings has signed an exclusive, multi-year partnership with the NFL’s New York Giants. Through the partnership, DraftKings has granted access to official NY Giants trademarks and logos. It will also be featured as an exclusive sponsor and advertiser across all team media including social, digital, radio, and television.

Furthermore, DraftKings will open a special virtual sports lounge on Giants game days, which will give Giants fans access to a weekly free-play Pick ‘Em game. Ezra Kucharz, DraftKings chief business officer, expressed his excitement to expand their relationship as the Giants’ official sports betting, iGaming and daily fantasy operator. He added that both organizations are committed to the customer experience through enhanced offerings and authenticity, and he looks forward to joining forces with the Giants at the start of the NFL season.