Virginia could earn $412m in annual sports betting revenue

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Virginia could earn $412m in annual sports betting revenue

Virginia state aims to launch its sportsbooks by 2021 and its casinos announced that sports betting could earn $412m in annual revenue once the industry reaches full maturity.

Estimations suggest it would also bring $61.8 million in annual tax revenue, with 90% of the revenue coming from online wagering. Mobile betting is expected to bring in $375m annually. 

Analyst for Virginiacasinos.com Geoff Fisk said: “Mobile wagering will dominate the Virginia market. We’ve seen online sports betting account for around 90% of revenue in New Jersey, Pennsylvania, and Illinois.

“The ability to offer remote wagering from any location in the state expands the potential of sports betting far beyond the scope of retail casinos.” 

The state legalised sports betting in July 2020 and it is supervised by the Virginia Lottery. There will be up to 12 sports betting licenses provided to potential operators.

Four of the licenses are for online-only operators. The state also approved the construction of four retail casinos, and they will be allowed to apply for sports betting licenses. 

Virginia state is expected to become one of the most competitive sports betting markets in the US with 25 companies already applying for the state’s sports betting license, and it’s expected that DraftKings and FanDuel will be among the operators to launch their services in the state. 

BetRivers and William Hill have retail casinos under construction, so it’s likely they will apply for the licenses as well. 

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