The NCAA Division I Administrative Committee voted in favor of a proposal that paves the way for athletes to place wagers on professional sports. 

The proposal still has to receive clearance from Division II and III before it can go into effect. Those panels are expected to vote on the matter during their meetings later this month.

If the proposal gains final approval, the change could take effect as early as Nov. 1. However, collegiate athletes would continue to be barred from gambling on college sports.

CLICK HERE FOR MORE SPORTS COVERAGE ON FOXBUSINESS.COM

FILE – In this March 18, 2015, file photo, the NCAA logo is displayed at center court as work continues at The Consol Energy Center in Pittsburgh, for the NCAA college basketball tournament. (AP Photo/Keith Srakocic, File)

“The Administrative Committee was clear in its discussion today that it remains concerned about the risks associated with all forms of sports gambling, but ultimately voted to reduce restrictions on student-athletes in this area to better align with their campus peers,” Illinois athletic director and committee chair Josh Whitman said.

NCAA COLLEGE BASKETBALL PLAYERS BANNED FOR BETTING ON THEIR OWN GAMES

“This change allows the NCAA, the conferences and the member schools to focus on protecting the integrity of college games while, at the same time, encouraging healthy habits for student-athletes who choose to engage in betting activities on professional sports.”

FILE – In this Wednesday, March 18, 2015, file photo, the NCAA logo is on the court as work continues at The Consol Energy Center in Pittsburgh. (AP Photo/Keith Srakocic, File)

The NCAA also prohibits sharing information about college competitions with bettors. The institution also doesn’t allow advertising and sponsorships of NCAA championships by betting sites.

Despite the potential change, the committee emphasized that it doesn’t endorse betting on sports particularly for student-athletes.

A NCAA logo is seen on the field before the game between the South Dakota State Jackrabbits and the North Dakota State Bison in the Division I FCS Football Championship held at Toyota Stadium on Jan. 8, 2023 in Frisco, Texas. (C. Morgan Engel/NCAA Photos via Getty Images)

“Division I members are actively working to deregulate NCAA rules where possible, and the Division I Board of Directors remains focused on preserving rules that directly speak to the fairness of college sports competition and the academic successes of college athletes,” Virginia Tech President Tim Sands said. “While NCAA members do not encourage student-athletes to engage in sports betting behaviors of any kind, the timing is right to modernize these rules by removing prohibitions against betting on professional sports and focusing on harm reduction strategies for behaviors that do not impact college sports directly.”

CLICK HERE TO GET THE FOX NEWS APP

The change comes as NCAA enforcement caseloads involving sports betting violations have increased in recent years.

The Associated Press contributed to this report.

Follow Fox News Digital’s sports coverage on X, and subscribe to the Fox News Sports Huddle newsletter.