Virginiacasinos.com claims to generate $412 million in revenue through sports betting.
Online sports betting is one of the fastest-growing industries across the U.S.A. since the government lifted its ban. In the past few months, amid the COVID-19, various online wagering companies’ shares rose to nearly 200%. Many states across the country are generating a massive sum in revenue through this industry.
Next on the list, Virginia is to enter the online sports betting market through several online and offline mediums. Virginiacasinos.com claims to generate over $400 million annually through various sportsbooks across the state. Several research reports show that online betting generates nearly 90% of the industry, i.e., through mobile apps. This accounts for over $375 million annually when the market is at its peak.
Virginia lottery controls the state’s sports wagering industry and plans to permit up to 12 licenses to distinct online wagering sportsbook companies. Online wagering became legal in Virginia in July 2020, the market is growing at an incredible pace. The state regulatory bodies decided to put up15% tax on sports betting income, which will be a significant income source for the state. The state regulatory body plans are to launch several sportsbooks soon. The first of them can be on the grounds in early 2021.
Mobile sports wagering generates the majority of revenue in the industry.
Under the state authorities’ laws sanctioned, both online and offline betting is permitted within the state. A total of 12 licenses are to be distributed for different online sports betting companies. Among which four are completely online operators. These four operators can organize online mobile sports wagering without partnering with other casinos.
In recent elections, voters were permitted to launch an online wagering industry to establish within the state. After which, the construction of four retail casinos has been started in November 2020. These casinos are permitted to apply for the sports wagering license.
The remaining eight licenses will be distributed to the retail casinos. These operators can operate anywhere within the territory of Virginia state. This will enable them to increase their potential beyond expectations.
Many experts and researchers speak in favor of the mobile wagering market. There are many states within the U.S.A. generating over 90% of their revenue in mobile wagering. Analysts at Virginiacasinos.com claim that Virginia will also generate over 90% of its revenue in the sports wagering industry through its mobile sports betting operators.
Virginia plans to give tough competition in the market.
Various big operators in the sports betting industry will apply for the licenses to expand their Virginia business. As per the sources, over 25 companies have already applied.BetRivers and William Hill are the two big names that have already made tie-ups with two retail casinos under construction. With the current pace of development and ongoing progress, Virginia will become an important hub for the online sports betting industry. No big players in the industry would like to miss this opportunity to expand its business in the state.