Virginia Laws Regarding Official Betting

Official betting is wagering on a specific event or outcome with the intent of profiting from that event. These bets are placed at a sportsbook and settled at the end of the event, and the odds are adjusted in real-time according to the amount of money bet on each possible outcome. The more money bet on a particular result, the lower the odds. In this way, the odds reflect the true probability of the outcome. This type of wagering is similar to parimutuel wagering in horse racing and dog races.

Those who seek, offer, or accept a bribe in an attempt to fix a sporting event’s outcome are subject to punishment by the sport’s governing body. Those who take a bribe or attempt to do so are banned from participating in all official betting activities (including placing a wager on a college sports event that includes a team from a Virginia public or private institution of higher education).

A permit holder may provide official league data for use in settlement of tier 2 bets if the sports governing body notifies the department that it desires such data. “Official league data” means statistics, results, outcomes, and other data relating to a professional sports event obtained by a permit holder under an agreement with a sports governing body or with an entity expressly authorized by the sports governing body for determining the result of tier 2 bets. A permit holder may not use other data for official betting purposes unless the sports governing body notifies the department to the contrary.