Current college sports betting remains a hot-button issue in Virginia. Where the Virginia Senate has opted to push back action on the legislation that would see wagering on in-state college teams become legal. Now the issue will have to wait until the 2025 legislative session, leaving many stakeholders across the industry and fans in the dark.
PROPOSED LEGISLATION ON COLLEGE SPORT GAMBLING
The bill, introduced Jan. 4 by Sen. Schuyler Van Valkenburg, D-16th. That would have amended current law to open the door for sports betting on Virginia college teams. Although sports gambling is legal in Virginia, betting on local college sports is still barred.
The bill was previously advanced by the General Laws and Technology Committee on January 24. But on Feb. 6 it hit a snag, when the Finance and Appropriations Committee voted unanimously to postpone a decision. It will not change Virginia’s existing sports betting laws until this latest delay passes.
Why College Sports Betting Is Important
Legalizing bets on college sports could provide a big lift to Virginia’s betting market. Senator VanValkenburg said illegal betting on Virginia college teams already takes place. Thus bringing it into a regulated market would provide public safety, transparency and help create additional tax revenue for the state.
At the same time, some lawmakers expressed concerns about possible risks. Critics say extending betting to college teams would not be good for younger fans and player. A greater level of pressure on student-athletes and a slippery slope to betting on youth or high school sports. That among others, have left decision makers hesitant.
What Does This Mean for the Sports Betting Industry
This delay was a disappointment for sportsbooks and bettors. Pay Per Head bookies who wanted to see Virginia’s market grow immediately. But it’s also indicative of the larger reality of the betting industry laws are always changing.
Despite college sports betting being ineligible throughout Virginia, there are plenty of verticals and territories bookies can explore. User growth continues in international markets, including Latin America and Europe. For the brave, there are new frontiers to carve out in these areas.
Outside Virginia: Betting Flurry Around The World
Internationally, the approach of more jurisdictions toward the legalization and regulation of sports betting continues to evolve. Some emerging opportunities of interest for bookies and entrepreneurs. Understanding how legislation is moving forward helps companies stay competitive and responsive.
And the appetite for wagering on college sports — and other bets — is growing around the world. And while Virginia may have hit pause, the betting industry around the world is running full speed ahead.
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If you are a bookie, you can carve out an edge in established and emerging markets with VIP Pay Per Head. From navigating changing regulations to expanding into new territories, VIP gives you the tools you need to thrive.
Be Prepared for the Resurgence of Betting on College Sports
Indeed, even with Virginia pausing its decision, college sports betting will continue to be among the hottest topics for legislators and both bookies and bettors into the near future. It also allows betting professionals to adjust quickly when new laws come into force, by getting up to speed with developments.
In any case, there to hold your hand every step of the way is VIP Pay Per Head with solutions to get you perform better, keep clients happier, and increase revenue.
