Residents of Virginia will be able to add a new dimension to their love for Super Bowl this year. The Virginia Lottery announced recently that the first licenses in the state will be approved in the upcoming 2 to 3 weeks, which means sports betting will be live by the time Super Bowl arrives.

First online sports betting offering may arrive soon

If everything goes to plan, the first online sports betting operators will be live in Virginia, right in time for the Super Bowl. The popular sporting event is a money-spinner for sportsbooks. Virginia legalized sports betting in April last year after Governor Northam’s amendments to HB896 and SB384 were approved by state lawmakers. The Virginia Lottery was given the responsibility to develop regulations for athletic wagering and define an application process for operators. The final regulations were approved in September.

The application process lasted 2 weeks in October. The Lottery received 25 applications for 12 licenses.

Focus on consumer protection

One of the priorities for the Lottery is consumer protection. According to the Lottery’s executive director Kevin Hall, they aim to make the market safe for “consumers, athletes, and taxpayers.” The regulator is aware of the importance of Super Bowl for the industry and plans to be able to launch before the event.

He added,

“The priority is here in Virginia, sports betting is offered in a safe and responsible way. Strong consumer protections, guardrails that prevent underage gambling, procedures, and audits to make sure there’s no criminal activity like money laundering or tax evasion.”

The regulator is carefully monitoring other states and learning from their experiences. Online sports betting has been available in the state for years but it is only now that it has come under a regulatory framework. According to Hall, the state could decide to offer more than 12 licenses. According to law, preference can be given to professional sports organizations based in the state like NASCAR, DC United, and Washington NFL team.

The state expects $5 million in tax revenue in the first year which will reach $50 million in the next 4 to 5 years.