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West Virginia Could Legalize Betting on Political Events

West Virginia could become the first state to allow its sportsbooks to take bets on political events after FanDuel briefly offered odds on the upcoming presidential election Tuesday night.

The sports betting operator had the odds up for about 15 minutes after posting them but then took them down entirely and removed the Politics tab from its West Virginia site and betting app.

In a press release earlier on Tuesday, FanDuel said that it would begin taking wagers on the presidential election and that it has partnered with the West Virginia Lottery to “bring these markets into a legal, regulated sportsbook.”

However, after pulling the odds down, the company issued a follow-up statement saying that while the markets were initially approved by the West Virginia Lottery, the agency has asked FanDuel to “refrain from offering the markets” until the Lottery has time to “fully work through the implications and research it further.”

The Lottery issued a similar statement shortly after the operator’s hit the wire.

West Virginia legalized sports betting in the spring of 2018, even before the US Supreme Court struck down a long-standing federal ban on the practice in May of the same year.

FanDuel operates a small sportsbook inside The Casino Club at The Greenbrier resort in White Sulphur Springs. In addition, the company launched a digital wagering product in West Virginia in the summer of 2019.

Could Political Betting Become a Thing in US?

As mentioned above, West Virginia could be poised to become the first state in the US to permit betting on political events. However, if the state indeed goes forward with this plan, this raises a series of questions, including ones related to the legality of offering odds on elections.

The federal Commodity Trading Commission has previously said that gambling on elections should not be authorized.

In addition, betting on political events seems to be prohibited under West Virginia law. The state Code reads “it shall be unlawful to bet or wager money or other thing of value on any election held in this state.”

In a strange time when global sport is almost entirely canceled, gambling operators are working closely with regulators in states where betting is legal on what other wagering markets they can offer to their customers.

eSports has become a particularly popular option as multiple competitions are under way. Operators are also suggesting other options, including betting on reality shows.

During the very brief period West Virginia bettors were able to place wagers on the presidential election, FanDuel offered odds on the presidential election winner, the Democratic nominee winner, the Democratic Vice President nominee, and the winning party.

The company said it accepted more than one bet and that it has promptly returned the money wagered by those of its customers who managed to place bets on the upcoming presidential election.

While FanDuel appears to be ready to resume taking wagers on political events as soon as the West Virginia Lottery permits this, its rival DraftKings is taking a more cautious approach toward the opportunity to expand its offering beyond sports.

The company said Tuesday that while they are “excited about the possibility of offering odds on politics and elections to our customers in West Virginia, we are taking the time to ensure we evaluate the opportunity thoroughly before posting any lines.”

Source: West Virginia Poised to Become First State to Allow Political Gambling

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Virginia Moves to Legalize Sports Betting, Casino Gambling

Virginia lawmakers have historically been opposed to any form of gambling expansion but the promise of new revenue flows to state coffers and keeping gambling money within state confines has resulted in bipartisan support for a duo of bills calling for the legalization of new gambling offerings.

Both chambers of the Virginia Legislature passed on Sunday HB 896 and SB 384 that authorize the introduction of retail and online sports betting and permit the construction of up to four casinos around the state.

The two pieces should now be signed by Governor Ralph Northam in order to become law.

Limited Retail Sportsbooks, Betting Apps Could Go Live by Late 2020

The Sunday passage of the two bills makes Virginia the latest state to enter the US sports betting frenzy.

The two pieces pave the way for the start of mobile sports betting by the end of the year. However, the introduction of retail sportsbooks could take a little longer. In addition, under the bills there would be limited number of retail betting licenses up for grabs.

The Virginia Lottery is now tasked with regulating the state’s newly expanded gambling industry. The agency is required to set the rules under which sports betting services would be provided in Virginia by mid-September.

Under the recently passed sports betting bill, the Lottery’s Director “may issue from four to twelve permits at one time and is directed to issue an amount of permits that would maximize tax revenue collected pursuant to the bill.”

The introduction of casino gambling to state residents would take longer, though, as the development of casinos requires voter referendums in the cities of Bristol, Danville, Norfolk, Portsmouth, and Richmond. Such referendums can take place as early as this coming November.

Under the sports betting bill, wagering would be taxed at 15% on gross revenue. In addition, authorized operators would be required to use official league data.

Lawmakers Ban Betting on Virginia College Sports

Betting on college sports and whether it should be banned or at least limited was among the most widely debated topics on Sunday. The sports betting bill’s provisions regarding college wagering could have derailed the entire effort if opponents and proponents had failed to reach some sort of compromise.

An original version of the Senate sports betting bill authorized betting on all college sports. However, some House lawmakers called for a total ban on betting on college sports.

The final version of the bill that is now heading to Gov. Northam’s desk prohibits wagering on collegiate games involving Virginia teams and placing prop bets on any individual college athlete.

While many welcomed the restrictions, Virginia Delegate Marcus Simon argued that those would allow an illegal market to continue to thrive and that this is actually “more damaging” than enabling bettors to place wagers on Virginia’s teams in a legal setting.

Source: Done Deal: Virginia Legislature Approves Legal Sports Betting In Overtime Session, Bill Goes On To Governor

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