Sports betting; exception on NCAA Division I sports.

Sports betting; NCAA Division I sports. Creates an exception to the prohibition on placing or accepting bets on Virginia college sports by allowing such bets to be placed or accepted on Virginia colleges participating in an NCAA Division I competition for a given sport. The bill also imposes a tax of 50 percent on permit holders for bets placed on NCAA Division I sports played at Virginia colleges and universities and directs the Virginia Lottery to allocate 100 percent of such tax revenue to the NCAA Division I Sports Betting Fund, created in the bill, for the purpose of supporting NCAA Division I college and university athletic programs in the Commonwealth. The bill's effective date is contingent upon the enactment of legislation by the General Assembly that establishes a Virginia Gaming Commission or other similar agency for the purposes of overseeing legal forms of gaming in the Commonwealth.