VA rules and regulations for sports betting heading into March Madness

Published: Mar. 3, 2023 at 7:43 PM EST
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HARRISONBURG, Va. (WHSV) - 30 out of the 50 U.S. States have legislation allowing legal single-game sports betting.

The start of March Madness is just days away. Many will be filling out their brackets and placing their bets on popular sports books throughout Virginia.

This season is one of the busiest times for the sports betting world.

”It’s basketball when you combine the totals and you know the Superbowl while it’s big, it’s just one day so it’s really not enough to change the overall percentages of what people are wagering on through the course of the year,” Gina Smith, deputy executive director of Gaming Compliance with the Virginia Lottery said at their January Board meeting.

With all the money rolling in as some of the biggest spring season games take place, where does that revenue go?

Virginia law states 2.5% of the taxes collected from sports betting must go to the Problem Gambling Treatment and Support Fund.

The rest goes back into the general fund.

Some of the most popular sports book sites in the Commonwealth are FanDuel, Draft Kings, and BetMGM.