Virginia Online Betting Could Launch in Early 2021
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Virginia passed sports betting in 2019 and has been anticipating a launch for online betting ever since. The state is most likely going to get its wish as the Virginia Lottery is expected to launch mobile wagering in January 2021.
12 sports betting operators are expected to get the green light in January. The Virginia Lottery had a 90-day period to consider the sports betting applications coming in and end mid-January. Virginia officials are estimating close to $400 million in revenue in 2021 once the launch is official.
25 applications were submitted, but only 12 of the 25 will be launched. No one knows how many will officially go live in the next month. It could be as little as four sportsbooks going live this January.
Regardless, Virginians will most likely have mobile betting in-time for Super Bowl Sunday.
A Lot of Unkowns
Virginia is keeping its cards close to its chest with mobile wagering on the verge of launching. No one knows who has been approved are denied betting licenses in the state. Sportsbooks have not promoted sign-up bonuses in Virginia, and there have not been leaks on who is in and who isn’t.
What we do know is that the Virginia Lottery is taxing sports betting operators at 15%. The sports betting taxes will go to the states-general funds compared to other states who have been using the revenue for education.
The state is expected to collect between $4 to $5 million in taxes in the first year but is expected growth exponentially and could hit over $50 million once the market matures.
Potential Sportsbooks to Go Live
DraftKings Sportsbook
One of the country’s top sportsbooks could be one of the first to launch in Virginia. DraftKings has operations in Tennessee and West Virginia, which border Virginia and runs in Pennsylvania, not far off from the start. DraftKings will want to get into the market early to be able to expand its U.S. growth.
FanDuel Sportsbook
FanDuel is another sportsbook that could launch in mid-January. The U.S. betting operator right behind DraftKings in market share and will want to keep up with its competitor. FanDuel could one of the early entrants in the state with operations nearby in Tennessee, West Virginia, and Pennsylvania.
WynnBet
Earlier this year, WynnBet partnered with NASCAR in correlation with trying to enter the Virginia betting market. NASCAR has a huge presence in Virginia, and WynnBet strategically partnered with NASCAR to be one of Virginia’s first operators. Wynn will become the official sports betting operator at Martinsville Speedway, almost guaranteeing a license in the state.
William Hill
Caesars has a casino in Danville, which means William Hill will most likely be entering the Virginia betting market. It’s hard to see Caesars not getting a betting license for its location. This year, Caesars acquired William Hill, and now the U.K. betting operator is running sports betting services at all of Caesars’ locations. William Hill could be one of the early entrants into Virginia.
BetRivers
Rush Street Gaming was approved of a casino in Portsmouth this past November. With the expansion into the state, it most likely means BetRivers will now be entering Virginia. The betting operator will enter with Rush Street, but it is unknown when it will officially happen with Rush Street being approved for a casino six weeks ago.
