Certain lawmakers in the state of Virginia have been looking to legalize sports betting for many years. It now appears that the state is closer than ever to doing so. Reports have just confirmed that Virginia’s casino laws have been approved by the state Lottery Board.
It’s exciting news for casino fans in this state. Many are excited to see the first true gambling venues open their doors here. Today, we’ll talk about the recent progress in launching the first casinos in this state.
Let’s get into it!
Casino Companies Fear a Return of Major Restrictions
The US casino industry faced its toughest test to date back in 2020. All casinos across the country were forced to be shut down in March of last year. It took several months for any of them to begin accepting guests again.
Things have been steadily improving for casinos since the beginning of 2021. Much of this is due to states lifting their various restrictions toward these gambling venues. That includes the removal of the mandatory mask mandate and capacity limits.
Many of the country’s most powerful casino companies are now fearing the return of these restrictions. These companies have noticed the concerning rise in Covid-19 cases around the US. They are also taking note of the new rules being set in place in various states.
Analysts are debating whether or not another mask mandate in Las Vegas will be ordered anytime soon. This city remains the biggest and most profitable gambling hub in the United States. It seems unlikely, yet the decision to order masks will ultimately come down to Nevada’s top leaders.
Not everything is so bleak for this industry. Most casino hubs have been reporting impressive revenue gains over the past few months. It seems likely that this trend will continue, at least throughout the near future.
Several states are now taking a closer look at expanding their gambling regulations to generate more tax revenue. That includes Virginia, which appears closer to legalizing casinos than ever before.
Here’s an Exciting Update on Virginia’s Casino Laws!
The state of Virginia is known for having an unusually strict set of gambling laws. Here, most traditional forms of gambling remain prohibited. That includes traditional Class III casinos, despite the large number of individuals pushing to allow these properties to open their doors here.
There is some progress being made here. Lawmakers in the Senate and House have been discussing the pros and cons of casino legalization. More of these state officials seem to be opening up to the idea of allowing these properties.
This week, news broke that the Virginia Lottery Board officially approved Virginia’s casino laws! It’s a huge step forward and paves the way for real Class III gambling venues to open their doors here. Virginia Lottery Executive Director Kevin Hall released a statement about this news to the media this week.
“The Lottery’s Gaming Compliance Department and Office of General Counsel have been diligently working to set up the regulatory and licensing framework to ensure casino gaming in Virginia is secure and transparent,” he said. “In this role, we see the Lottery as the public’s watchdog, confirming that the law and regulations are followed, and the integrity of casino gambling is protected.”
These rules will now be sent to the Governor’s office. If given the green light here, these rules will undergo a 60-day public comment period. It’s here that Virginia’s residents can voice their opinion of allowing casino gambling in the state.
Virginia seems closer than ever to getting its first real gambling properties up and running. We’ll be sure to offer more information on this situation over the next few weeks!
Sports Betting Proves to Be a Major Hit in Virginia
It’s clear that Virginia is expanding its gambling industry at a rapid pace. Sports betting officially became legal here at the beginning of 2021. It instantly became a major hit and has been helping to bring the state an impressive amount of revenue each month.
This week, reports surfaced showing how much money the state’s sports gambling industry brought in during the month of June. Approximately $234.9 million was bet on sports in this state during that month. This brings the total handle throughout 2021 above $1.3 billion.
Basketball remains the most popular sport to bet on in this state. More than 30% of all sports wagers made here were done on the NBA. Some feel that the beginning of the upcoming 2021/2022 NFL season could change that trend, though.
NFL betting is, overall, the most popular form of sports betting in the country. The upcoming season is expected to be a good one and it seems likely that a huge number of individuals in Virginia will bet on how the action unfolds. This could further help to boost sports gambling revenue in the state.
Casino gambling will likely be extremely popular here, as well. There are clearly a large number of passionate gamblers in Virginia right now. Stay tuned for more news on the road to legalize Class III casinos here over the next few months!
Are you surprised to hear that Virginia’s casino laws have been approved? When do you expect the first casino to open here? Let us know in the comments section below.