On Tuesday, the arrival of bet365 Virginia sportsbook marked Virginia’s ongoing embrace of a sort of European invasion.
The company officially announced its arrival in Virginia by tweeting about it, solidifying its online presence.
Virginia has welcomed yet another European-affiliated sportsbook, making it the third consecutive one to launch in the state. With the recent addition of bet365 sportsbook VA, the total count of live online sportsbooks in Virginia has now reached 15. This significant growth in the past year has resulted in a more diverse and competitive sports betting market for Virginians.
- On May 17, Betway placed its inaugural bet, with its corporate headquarters located in Malta.
- Betfred discreetly commenced accepting Virginia bets on December 19, although its official announcement of arrival was made on Wednesday. The company is headquartered in Warrington, UK.
- On January 31, the bet365 Sportbook made its grand entry into the Virginia market, hailing from Stoke-on-Trent, UK.
Despite being based in Europe, the sportsbooks have all set up US hubs. Additionally, the state has implemented policies to ensure the legality and safety of new sportsbooks, regardless of their headquarters’ location.
Hillside (Virginia), LLC has obtained the operator license for bet365 Sportsbook Virginia. Additionally, this online sportsbook is currently operational in New Jersey, Colorado, and Ohio.
Bet365 needs its international clout to break through
In the year 2000, the bet365 Sportsbook was established with a mere dozen employees. Today, it proudly claims the title of “the world’s most beloved gambling brand,” boasting an impressive customer base of over 80 million individuals.
Despite having 11 international gaming licenses, the sportsbook of Bet365 is relatively new in the United States.
Breaking into the sports betting market in Virginia, particularly for bet365 Virginia or any new sportsbook, will prove to be a challenging task. The state’s sports betting market is largely dominated by three prominent sportsbooks, as indicated by the quarterly market share report released by the Virginia Lottery. This trend persisted until November.
- In 2022, FanDuel Virginia emerged as the dominant player in the state, capturing approximately 41% of all sports bets placed, thus solidifying its position as the top operator in Virginia.
- In Virginia, DraftKings Sportsbook holds the second position in the market, commanding approximately 23% of the share.
- DK is being closely followed by BetMGM Virginia, as the latter holds approximately 18% of the market share in Virginia.
In total, the three major sports betting entities in the state dominated approximately 82% of the market share until November. However, when considering the contributions of Caesars Sportsbook (8%) and Barstool Sportsbook (4%), the remaining eight sportsbooks in the state had to contend for only 6% of the sports bets throughout most of 2022.
Could a bet365 Virginia online casino be next?
In addition to being a sportsbook, Bet365 provides a range of other options including Bet365 Casino, Bet365 Live Casino, Bet365 Games, Bet365 Poker, and Bet365 Bingo.
Virginia customers will not have access to those additional products in the near future due to policy considerations. The state is relatively inexperienced in the land-based casino industry, although it does provide online Virginia Lottery plays.
According to the American Gaming Association, Virginia’s current hesitation towards online casino games is also shared by other states.
- Every year, Americans wager over $510 billion through illegal and unregulated betting operators.
- Revenue in the legal gaming industry is depleted by $44.2 billion.
- As a result, state governments experience a decrease of approximately $13.3 billion in tax revenue.
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