The Washington Redskins are looking for a new stadium. Their decision could be affected by the new sports betting legalization bill in the state.

Virginia’s sports betting bill

On Sunday, it was confirmed that the state Senate and House have passed a sports betting bill. The bill is yet to be signed by Gov. Ralph Northam, after which it will become a law. This is an important factor for Redskins’ owner Dan Snyder to consider while looking for a new home for the team. Snyder is looking into his options closely after the Richmond-Times Dispatch.

According to Michael Phillips, Virginia has become a major competitive arena in recent months and sports betting bill in this time could be a defining factor in the choice of the team’s home stadium. The NFL is moving into a new era where sports betting is given more importance and Snyder is rumored to be one of the most gambling-friendly executives in the leagues. Rumors also suggest that he is looking for a stadium that has a sportsbook so that Redskins fans may wager during the game. Virginia is the most feasible location for the team and the sports betting legalization bill could be crucial for them.

What does the bill include?

The recently passed sports wagering legalization bill doesn’t give a clear deadline on when the markets would be ready. However, regulations have to be finalized before September 15 this year, after which the first licenses will be distributed. This means that the betting markets in the state could be ready by the next Super Bowl if all things go as planned.

The new bill is markedly different from the one proposed in the House in the beginning. It bans all wagering on in-state college teams and there will be no prop bets on any kind of college sports. The state lottery will be allowed to issue anywhere between 4 to 12 online-only licenses to operators, which could create a highly competitive online sports betting market. The lottery will be free to decide how many licenses it aims to award.

The total market could be home to around 18 online operators. The bill also gives preferential consideration in online licenses to the five casinos authorized under the bill. These casinos should have an investment of over $250 million. A professional sports team that relocates to the state will also be given preferential consideration for licenses.