The US Supreme Court’s decision to lift the ban on online gambling in 2018 paved the way for licensing online casinos and sportsbooks in many states.
Virginia is now pushing the approval of its sports betting laws as the industry’s demand continues to grow. On Wednesday, lawmakers presented their proposed guidelines for the state’s sports betting operations.
Sports betting across the country is gaining momentum. Currently, more than 18 states have regulations on sports betting. The US Supreme Court’s decision paved the way for the operations of more than 33 sports betting outlets.
Sports betting contributed a large amount of revenue to states with legal guidelines during the pandemic.
Sportsbooks and online casinos were the alternative sources of entertainment for many Americans during the government’s stay-at-home mandate. Gamblers placed their bets on available sports events such as table tennis, UFC fights, and Korean Baseball, while others settled on placing bets on online poker and online slots in online casino platforms.
The rise of sports betting
Sports betting proved its worth as more and more Americans get hooked to the platforms even before the novel coronavirus pandemic. Many casinos are rushing to launch their land-based and online sportsbooks in response to the evolving landscape of the gambling industry. Operators started signing contracts with online casinos solutions providers to sell their products online.
Colorado recently reported the success of the debut of its sports betting industry. The state reported more than $25 million in wages and more than $96,000 in gaming revenue.
The news of the return of major sports events excited the gambling industry. Many casinos are launching their sportsbooks in anticipation of the upcoming seasons in the NBA, MLB and other professional sports events.
The success of the sports betting industry in many states inspired others to follow digital trends. New Jersey, Colorado, and Nevada are among the states with regulations on sports betting. Illinois, Iowa, and other states mandated their players to join sportsbook platforms.
Virginia pushes approval sports betting, excludes in-state collegiate game betting
Virginia is moving forward with its plan of regulating online sports betting. Newly proposed regulations in Virginia will allow the placing of bets on collegiate sports but excludes betting on in-state team competition. The proposal enables placing wagers on collegiate games within the state, but bets on matches involving local players are restricted.
It implies that bettors can no longer place their wagers during NCAA tournaments. The proposal also excludes collegiate prop betting markets to avoid match-fixing during games.
Kevin Hall, Executive Director of Virginia Lottery, assured the operators that they would not follow Tennessee’s rules, which secured a 10 percent collection on all revenue generated through sports betting.
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