Virginia online sports betting laws

Virginia joined the ranks of states with legal sports betting on July 1 2020. This came a couple of months after state governor Ralph Northam signed SB384 and HB896 into law. Regulations for sports betting in the Old Dominion were approved by the Virginia Lottery Board later in 2020 and the first Virginia online bets were taken on January 21, 2021.

The main reason why Virginia sports betting is being conducted online at first is that there are no casinos in the state. It was only in 2019 that legislators approved the concept of casino gambling in Virginia. Final approval was given by the voters in the 2020 election.

Construction of four casino resorts is under way in Bristol, Danville, Portsmouth and Norfolk, and the doors are expected to open in 2022. A fifth location, in Richmond, will follow a year later. It is expected that the casinos will have sportsbook partners, and it is also feasible that retail sports betting might be available at sporting venues. In the initial stages, however, Virginia sports betting is strictly online only.

Virginia, with a population of more than 8.5 million, and proximity to some major sports teams, is seen as a hugely attractive market for sportsbook operators. The good news from their point of view is that there is plenty of opportunity for them to open their doors in the state with up to 17 sportsbook licenses available in Virginia.

The cost of operating here is also not a deterrent. Sportsbooks pay a $250,000 licensing fee and a tax rate of 15% on gross gaming revenue. It is no surprise there was such a rush from sportsbooks eager to start trading in Virginia once sports betting here was legalized.

The primary indicators of the appetite for Virginia sports betting are off the scale. In April 2021 it was announced that the first full month of action, February of that year, saw $265 million wagered on sports.

That makes Virginia the fastest state in breaking the $200m monthly handle mark. In just over six weeks, Virginia sportsbooks had already taken more than $15 million in gross gaming revenue. That equates to at least $2.25m in tax revenue for the state.

Yes they are. The IRS has made it abundantly clear that all forms of gambling winnings are seen as taxable income. It is advisable to keep an accurate record of all your winnings – and losses – so that you can declare them on your annual tax return.

The legislation that legalized Virginia online sports betting stipulated you must be at least 21 years old to play. When you sign up for a sportsbook account, you will be asked to provide ID that proves you are old enough to wager.

You have to be located within Virginia state lines to be able to use one of the sportsbooks licensed to operate here. That means it's essential you don't disable the geolocation technology on your desktop or mobile device. Each sportsbook will use that facility to check your location regularly and clear you to carry on wagering.

You can enjoy Virginia online betting on college sports – but not if a team from Virginia is involved. The other stipulation regarding college sports is that no prop bets are allowed on any college match.

Wagering on politics is prohibited across the US. So no Virginia sportsbook is allowed to offer wagers on events such as elections, either at home or overseas.