Barstool Sports, Bally’s and Golden Nugget Receive Sports Betting Permits for Virginia

This week, permits were granted to Barstool Sportsbook, Bally’s, and Golden Nugget Sportsbook, adding to the growing competition in the Virginia sports betting market.

On Monday, the Virginia Lottery granted temporary permits to Penn Sports Interactive, LLC (Barstool’s parent company), Bally’s Corporation, and Golden Nugget Online VA, LLC.

The seventh, eighth, and ninth sportsbook operators have been granted permits to operate in Old Dominion.

As of Tuesday, the launch dates for the renowned gaming companies had not been officially announced by the officials.

Barstool, Bally’s, Golden Nugget cleared to launch

In 2020, the Virginia General Assembly passed a law to legalize sports betting, and the market was officially introduced in January. FanDuel, in partnership with the Washington Football Team, took the lead as the first to offer sports betting, commencing on Jan. 21.

Additional sportsbooks were launched in the upcoming weeks. Notably, Virginia sports bettors recorded almost $59 million in wagers within just 11 days of action in January. This development indicates a promising future, including the month of February (specific figures will be announced in the coming week).

Currently, the following VA sportsbooks will soon be joined by Barstool, Bally Bet, and Golden Nugget, expanding the options for sports betting in the state.

According to the VA Lottery, despite the rapid growth in the field, more sportsbooks are anticipated to launch soon. This implies that Barstool, Bally’s, and Golden Nugget, who already lag behind the sportsbooks that debuted in January and February, will encounter heightened competition.

PlayVirginia anticipates that the yearly betting handle for sports in Virginia will reach $5 billion, taking into account the maturity of the market.

Buzz for Barstool Sportsbook

Barstool Sportsbook stands out among sportsbook operators for its unparalleled buzz and unwavering loyalty from its followers.

The media and sports-betting company has gained an extremely passionate fan base thanks to its controversial founder, Dave Portnoy, also known as “El Presidente.”

In 2016, The Chernin Group obtained a controlling share (51%) of Barstool. However, in 2020, Barstool’s ambitions in the sportsbook industry became evident after Penn National Gaming purchased a significant stake (36%).

Barstool Sportsbook made its debut in Pennsylvania in September 2020 and has subsequently expanded its operations to include Michigan and Illinois. Virginia will soon become the fourth state where the sportsbook will be available.

Barstool Sportsbook has thrived by maintaining a dedicated group of readers, resulting in lower costs to acquire customers compared to its rivals. However, once it becomes available in VA, Barstool Sportsbook is expected to introduce appealing promotions for new players.

Bally’s is all-in with Virginia

Bally’s, on the other hand, possesses high aspirations in Virginia. Additionally, the company is among the six that submitted a proposal for a potential Richmond casino.

Bally’s Richmond Casino Resort leads the pack with a staggering $650 million proposal, making it the most financially lucrative option. Impressively, Bally’s is willing to provide the City of Richmond with a generous upfront payment of $100 million. Additionally, this ambitious project is expected to generate thousands of employment opportunities and contribute a substantial economic value of $5.3 billion over a decade, as confirmed by officials.

Bally’s continues its acquisition spree in pursuit of transforming into a genuine technology company.

After obtaining the Bally’s brand name last year, Twin Rivers underwent a rebranding. In addition, the newly established Bally’s recently purchased Bet.Works, a company that will supply the necessary sports-betting platform. This acquisition will enable the company to introduce “Bally’s Bets Sportsbook” later in the year.

In addition to that, the company has obtained 20 regional sports networks, a fantasy sports website, and a company specializing in free-to-play games.

Once Bally’s Bets is introduced, PlayVirginia will provide the most exceptional sign-up bonuses and promotions available.

Golden Nugget touts community involvement

The Golden Nugget is one of the contenders for a casino in Richmond. They have submitted a proposal for a $400 million project called the Golden Nugget Richmond Hotel & Casino.

Currently, Golden Nugget operates sportsbooks in New Jersey, Michigan, and Nevada, with plans to expand its online presence across other states in the near future.

When the platform becomes available in Virginia, players will be delighted by enticing sign-up promotions, which may even include the opportunity for risk-free bets.

Golden Nugget, renowned in the gambling industry, is set to attract inquisitive sports bettors with its distinguished reputation. Nevertheless, the company has no intention of proceeding solo. In the official statement unveiling its sports-betting license, a company executive emphasized the importance of community engagement, as previously demonstrated in the casino proposal.

Thomas Winter, president of Golden Nugget Online Gaming, Inc., expressed his dedication to collaborating with small businesses and minority-owned companies in the commonwealth.

“We express our gratitude to the Virginia Lottery for granting us the chance to extend our online business operations to the Commonwealth of Virginia. Collaborating with our esteemed SWaM certified equity partner, Virginia Sports Technology Group, we are thrilled to reveal that GNOG will not only offer an exceptional mobile sportsbook experience to Virginians but also contribute a portion of our earnings to support Virginia’s Historically Black Colleges & Universities. In the coming months, we will closely collaborate with the regulators to fulfill all necessary platform testing requirements, enabling us to commence accepting wagers in the upcoming summer.”