RICHMOND, Va. – Virginia's General Assembly could bring sports betting to the commonwealth.
HB1638 would have the Virginia Lottery regulate sports betting in Virginia.
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While bets could be placed on professional sports and college sports, the bill does exclude youth sports and Virginia college sports.
Furthermore, the bill prohibits betting by lottery employees, participants in athletic events on which the bet is placed and those under age 21.
The penalty for engaging in prohibited betting is a Class 1 misdemeanor.
For anyone looking to host sports betting, it won't be cheap.
Before administering a sports betting operation, an entity is required to apply for a three-year permit and pay an application fee of $250,000. Permit holders must apply for renewal of a permit every three years, which includes a renewal fee of $200,000.
For those who may struggle with gaming addiction, the bill creates the Problem Gambling Treatment and Support Fund, which would be used to provide counseling to compulsive gamblers, implement problem gambling treatment and prevention programs and provide grants to organizations that assist problem gamblers.
At total of 2.5 percent of the revenue generated from sports betting would go toward the fund.