For those living in Virginia, earlier today FanDuel became the first entity permitted to (and actually went live to) provide sports betting. What's more, if you have an active FanDuel account, you may be eligible for a bonus. I was pleasantly surprised to see that FanDuel had provided me a $100 credit on my account, of which I am currently sweating a little bit on my bet for Penn State to defeat Rutgers (currently 12 points to the good for me).
Anyway, you can place bets on any non-Virginia-based college team, as well as many other sports.
What are you waiting for? Go. Now. Do it.