The Virginia Lottery has received numerous sportsbook applications, indicating that the commonwealth may soon experience a thriving sports-betting market.
On Thursday, the VA Lottery made an announcement stating that 25 sportsbook companies, both domestic and international, have officially submitted applications for mobile sports betting permits in Virginia.
The application period spanned from October 15th to October 31st, lasting for a duration of two weeks.
Until permits are formally issued, the Virginia Lottery will not disclose the identities of the applicants, as previously reported by PlayVirginia.
Each applicant will be given a 90-day period for officials to make a decision. Earlier, it was stated that the first VA sports betting apps could potentially be operational and accepting bets in early 2021, most likely in January.
No sneak peek for sportsbook applications
Despite the VA Lottery keeping it under wraps, we have managed to uncover a few of the sportsbook hopefuls.
Well-known names such as BetMGM, DraftKings, PointsBet, theScore Bet, and a Wynn betting app are included on the list, as reported by Legal Sports Report.
There are no prominent professional sports teams in Virginia, and the Virginia sports betting market prohibits betting on local colleges and universities.
Despite its slightly smaller population size of 8.5 million, Virginia remains an appealing market due to its ranking as the 11th largest state in the US in terms of household income, which sits at $72,577.
In the words of Kevin Hall, the Executive Director of the VA Lottery:
Virginia’s regulatory program for legalized sports betting has been validated by the significant interest shown by both national and international sports betting operators. This indicates that the state’s efforts to find a balanced and responsible approach have been recognized. We are confident that our thorough review process will lead to the development of a successful program that prioritizes the protection of consumers, athletes, and taxpayers.
Which sportsbooks will get Virginia permits?
The VA Lottery will ultimately grant a minimum of four and a maximum of 12 sportsbook permits.
The VA Lottery intends to select permit holders based on several factors, including:
- Having a proven history of expertise and achievement in the American sports-betting industry.
- have been made to attract minority investors.
- The sportsbook in Virginia would create a significant number of new job opportunities and generate substantial tax revenues.
The newly approved casino-resorts in Bristol, Danville, Norfolk, and Portsmouth will have their casino partners competing for one of the 12 permits available. As per the Virginia General Assembly, which recently legalized sports betting, these physical casinos will receive some preference during the application procedure.
Preference will be given by the VA Lottery to major league sports franchises that are based in Virginia or have a facility located in the state. This could be significant in the event that the Washington Football Team considers moving when its lease for FedEx Field expires in 2027.
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