Virginia sports betting: No hold required

Virginia sports betting: No hold required

There was likely a collective sigh of relief released by sports betting operators across the country on Wednesday morning when Virginia Lottery Executive Director Kevin Hall said these words: “It’s safe to say that we won’t.”

The “won’t” refers to requiring prospective operators to keep a 10% hold on sports betting revenue, similar to what neighbor Tennessee will do. Hall referred to the practice as “controversial” and said “that by guaranteeing a 10% hold, it makes the odds worse” and encourages consumers to continue to bet offshore.

Hall spoke at a Virginia Lottery Commission meeting after which the Lottery planned to release its proposed sports betting regulations and continue its sprint to Sept. 15, the date on which law mandates regulations be approved.



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