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Virginia Likely To Legalize Sports Betting, Targets NFL Week 1 Launch

Virginia likely will become the 11th state to "offer a full slate of sports betting options over the internet, including on mobile devices," according to Michael Phillips of the RICHMOND TIMES-DISPATCH. A conference committee made up of members of the House and Senate "agreed to a compromise bill on Saturday, and the final version is expected to be signed into law by Gov. Ralph Northam once approved by both chambers." The "biggest hurdle was how to handle betting on college sports." In the final version, "betting will not be allowed on games involving Virginia colleges." The Virginia Lottery will "administer sports betting and will allow as many as 12 vendors to set up shop in the state." The "goal is to get legalized betting up and running in time for Week 1 of the NFL season." Vendors will "have to pay a $250,000 application fee and renew their license every three years for $200,000." Revenues from gambling will be taxed at 15% as the state "aims to make as much" as $50M a year in "additional revenues through sports betting." The final legislation also "offers an exemption" for the Redskins, which would allow Owner Dan Snyder to "operate both on-site and mobile sports betting if he builds a new Redskins stadium in Virginia." Snyder is "weighing his options on a new Redskins stadium, and optimism has grown in recent months that Virginia could be a major player" (RICHMOND TIMES-DISPATCH, 3/8)

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