Unibet’s entry into the market has expanded the list of sportsbooks in Virginia with a valid permit for sports betting, now reaching double digits.
On April 21, Unibet Interactive, Inc. was granted a temporary permit by the Virginia Lottery, the regulatory authority for legal sports betting in the commonwealth.
Unibet has yet to officially launch in Virginia as of Monday. However, the highly anticipated debut of the sportsbook may be just around the corner.
Unibet continues US expansion with Virginia
One of the seven individual mobile sports betting permits in Virginia was granted to Kindred Group, the parent company of Unibet. Additionally, three other sportsbooks are set to launch or have already launched in collaboration with Virginia casino partners.
As part of casino partnerships, Unibet sports betting has already been launched in three US states.
- Indiana
- New Jersey
- Pennsylvania
The international company Kindred, renowned for its global gaming operations, has successfully secured agreements for eight more states in addition to its existing portfolio. Notably, this list encompasses the Western states of California and Arizona, thanks to a valuable partnership forged with the Quechan Tribe.
Manuel Stan, the senior vice president of Kindred’s US operations, states
“We are thrilled to announce the addition of Virginia to our expanding roster of states that Unibet and Kindred Group proudly operate in as we continue expanding in the US market. Our goal is to launch soon, and we are confident that the success we have achieved in New Jersey, Pennsylvania, and Indiana will undoubtedly be replicated in Virginia. We eagerly anticipate establishing an office in Virginia, which will serve as our third hub alongside our existing offices in New York and New Jersey. We are excited to continue our journey in what we believe will ultimately become the world’s largest gambling market.”
Unibet, a prominent player in the European market, is expected to unveil the official launch date for its Virginia operations within a few days.
Can Kindred match the competition in Virginia?
There are currently six active sportsbooks in Virginia, where bets can be placed.
- BetMGM
- BetRivers
- DraftKings
- FanDuel
- William Hill
- WynnBET
Barstool Sportsbook, Bally’s, and Golden Nugget are among the three other companies who have obtained permits and are preparing to launch in the near future.
According to the VA Lottery, two sportsbooks have emerged as the dominant players in Virginia’s sports betting market. FanDuel, which launched on Jan. 21 and took the lead, has captured 53% of the total wagers amounting to $628.7 million by March 31. DraftKings, on the other hand, secured 24% of the market share.
BetMGM has shown significant progress with a 14% growth rate. Similarly, William Hill has made advancements with an 8% growth rate, although it required a considerable investment of $6 million in promotional offers to attract new players. On the other hand, BetRivers and WynnBET have faced challenges in an increasingly competitive market, with growth rates of 1% and 0% respectively.
Unibet faces a challenging battle ahead, but it is a battle worth fighting. In February alone, VA sportsbooks recorded $266 million in bets, and the VA Lottery has projected an estimated $304.1 million for March.
Virginia is currently ranked eighth among all US states with legalized sports betting, according to PlayVirginia. As the market matures, the annual sports betting handle in Virginia is projected to reach an estimated $5 billion in bets.
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