Virginia Lottery to review 25 licence applications
Sports betting was legalised in Virginia July. Up to 12 licences are available.
US.- The Virginia Lottery has received 25 applications over the past two weeks competing for up to 12 sports betting licences available.
The lottery will evaluate the applications during a 90-day review period.
Some of the factors the regulator will take into consideration are operators’ past experience in sports betting in the US, their incorporation of minority investors, and the number of jobs and revenue each would generate.
According to the bill passed earlier this year legalising sports betting in the state, the regulator issue a minimum of 4 new sports betting licenses and up to a maximum of 12.
Any successful operator will be required to pay $50,000 to secure a licence, as well as a mandatory 15 per cent tax on sports betting gross revenue.
Virginia Lottery’s executive director, Kevin Hall, said: “The high level of interest by national and international sports betting operators validates Virginia’s efforts to strike an appropriate and responsible balance in its regulatory program for legalized sports betting.
“We are confident that the deliberative review process we are undergoing now will result in a successful program that protects consumers, athletes, and taxpayers.”
