The Virginia Lottery Commission in May 2021 released a draft timeline for opening the application process for sports betting and relaxing rules for vendors and sportsbooks to gain licensure from the Virginia lottery. After hearing from several stakeholders, the lottery board approved final rules on Sept. 14, 2021. One major change is allowing only registered members of the VLATTC to place bids. Previously, VLATTC members were able to place all bids for games and lottery events. The new plan is to allow any individual to participate in VLATTC games and activities by filing an application.
Another major announcement made was the extension of the expiration date for the “Atlantic Compact.” The Compact was created by the Virginia Department of Financial Services to help the commonwealth meet its obligations for guaranty of loans and education. Its implementation was contingent upon the completion of a study conducted by the General Accounting Office and the Virginia State Board of Equalization. The study found that the extension would improve the efficiency of the process and lead to a more competitive gaming experience for consumers.
In late March 2021 the Virginia State Board of Equalization approved the establishment of a new baseball league, which becomes the Atlantic League of Professional Baseball. The move followed the dissolution of the American League of Professional Baseball. The move created a new opening in Virginia sports betting. The A-Ball has been credited with creating more consumer demand for online sports betting across the United States. The increase in professional baseball leagues inspired many companies to jump into the race to provide betting services.
Later in 2021 the Virginia Lottery will also begin offering NCAA tournaments and other licensed sports gaming options. Legalization of wagering is contingent upon another major step in the sports gaming horizon. The adoption of the Super Bowl, which will take place in New Orleans in 2021, and the soccer World Cup, which will be held in North and South Korea in 2021, both appear to increase the importance of U.S. based gambling exchanges and companies. The adoption of the Super Bowl and the World Cup as marquee events would make sports betting exchanges become the norm across the U.S.
Many experts in the gaming industry believe that the introduction of regulated international tournaments by the NCAA will greatly increase the demand for wagering on those events. The NCAA will most likely go live in twenty-five years, making it the first major North American sports organization to go live. The major sports leagues are preparing to expand their product lines into other markets. This will increase demand for legal sports betting across the United States, but it will also increase competition among online gambling exchanges.
The growth of the internet combined with the rising popularity of sports betting across the North American continent, will result in more regulation from the NCAA and more acceptance of more wagering regulations by the NCAA. While there is no guarantee that there will be a single entity controlling and governing the sport of college football, it appears that this will be a product of time. For now, the NCAA is busy dealing with the scandals that have torn its veil and is looking for viable solutions. It is also interested in promoting sports betting across its athletic conferences and ensuring that the development of its digital betting platform continues to grow.
There are currently four sports betting license holders in Virginia. This will most likely change in the near future. Each of the four licenses represents an entire different genre of gambling. The major sportsbooks in Virginia do not sell tickets but rather pay winners based on the amount of money wagered on a specific game by members of the sportsbook’s community. This means that a sportsbook could have a thriving business within the walls of the Virginia Lottery Commission. The commission will also need to decide whether to allow online gaming, which could open the door to more competition for the sportsbooks.
So, what does the future hold for the Virginia Lottery Commission and the Virginia sports betting supplier? There is no sure-fire way to say what the future holds for either one of these entities. However, there is a trend that points towards a consolidation of these two powerful and influential establishments. In order for this to happen, both entities must work hard to develop and maintain a strong and consistent online presence.