During the latest meeting of the Virginia Lottery Board, updates were provided which included the announcement of a potential launch date for Bally’s Virginia.
On Wednesday, October 27, the regulatory body’s board members convened for a prearranged meeting.
Officials from the Virginia Lottery offered multiple updates regarding the legal gambling industry in Old Dominion, encompassing topics such as sports betting, casinos, and the state lottery.
With the imminent launch of the Bally’s Virginia sports betting app, an already saturated VA sportsbooks market is set to become even more fiercely competitive.
Bally’s Virginia to launch in November
Nine current sports betting operators have entered the Virginia sports betting market since its debut on January 21st.
The Virginia sports betting market is currently dominated by FanDuel (45.4% market share), DraftKings (26.1%), and BetMGM (17.9%), all of which were the first to enter the market. As for the remaining six operators, they have collectively managed to capture only 10.6% of the market as of September.
Bally’s Corporation is now facing a challenging situation. Their Twin Rivers Management entity was granted a sports betting permit on March 15. However, Bally’s, who also competed for the Richmond casino project without success, remained inactive while other sportsbooks in VA were launched.
“Their launch is just around the corner,” announced Gina M. Smith, the deputy director of gaming compliance at the Virginia Lottery. “We expect them to go live in mid-November, and we’re currently adding the final touches in collaboration with them.”
Nevertheless, it is highly probable that Bally’s Virginia will not be the sole operator to commence operations in the upcoming months.
VA Lottery prepping additional sportsbook permits
In May, the door was opened for the possibility of five extra sports betting permits in Virginia due to new legislation.
Smith states that several more operators have submitted their applications, and the Virginia Lottery anticipates issuing multiple permits to these candidates.
However, Smith refrained from disclosing the identities of the five companies currently being considered.
As she said:
“We anticipate issuing permits within the next few months. Certain operators are eager to start their operations before the year ends, while others are targeting the first quarter of the following year.”
Once Bally’s Virginia joins the scene, the commonwealth will boast a total of 10 sportsbooks. Virginia’s ranking among US states will remain in eighth place, closely trailing Indiana and Iowa, both of which currently have 12 sportsbooks.
Colorado, New Jersey, Michigan, and Pennsylvania are not only market leaders in overall betting handle but also take the lead in the total number of operators.
Two VA sportsbooks pay fines for geo-location, RG issues
After encountering problems related to geo-location and responsible gaming, two Virginia sportsbook operators have been penalized and paid fines.
In the Wednesday meeting, Kevin Hall, the Executive Director of the Virginia Lottery, shared certain information regarding the infractions.
Hall did not reveal the specific VA sportsbooks responsible for the incident. Nonetheless, the two mishaps were self-reported and led to fines being paid to the Virginia Literary Fund and Virginia Council on Problem Gambling.
The geo-location system of a sportsbook was inadvertently left in “test mode,” enabling a bettor situated outside of Virginia to successfully wager with the sportsbook. The operator took responsibility for the mistake by signing a consent agreement and paid a $150,000 fine, which was directed towards the Virginia Literary Fund.
In another case, a sportsbook made a major responsible gaming mistake by allowing someone on the voluntary self-exclusion list to log into the app and make a bet. The operator attributed this error to a “software glitch” which caused an outdated exclusion list to be uploaded and the self-excluded player’s account not being recognized.
In addition to settling a $10,000 fine, the operator made a generous $10,000 donation to both the Literary Fund and the Virginia Council on Problem Gambling.
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