The possible debut of Virginia sports betting might align with the grandest sports event of the year – the annual NFL Super Bowl.
Since the legalization of sports betting in July by Virginia lawmakers and the adoption of official regulations by the Virginia Lottery Board in September, sportsbook operators are eagerly awaiting decisions on their applications. Throughout this anticipation, Virginia sports bettors have consistently asked one question.
What is the timeframe for placing sports bets in Virginia?
Currently, it seems that we have a probable date for the launch.
Virginia sports betting launch just weeks away
According to Kevin Hall, the Executive Director of the Virginia Lottery, the launch of sports betting in Virginia might occur in time for wagering on Super Bowl LV, as stated in an interview with WVEC 13 News Now on Tuesday.
On Sunday, February 7, the game will be held in Tampa, Florida. The NFL’s yearly championship game has transformed into a global cultural phenomenon, captivating audiences worldwide. Additionally, it stands as the grandest betting event of the year.
The Super Bowl surpasses the NCAA’s March Madness basketball tournament in popularity. It attracts higher betting volumes compared to prestigious events like the Kentucky Derby in horse racing, MLB’s World Series, and even the most anticipated boxing and MMA pay-per-view fights.
If you aspire to make a significant impact in the world of sports betting, why wouldn’t you aim for something grand? Hall’s main concern is ensuring that the commonwealth handles the launch responsibly. He emphasized this in his conversation with WVEC.
If a licensee is prepared, several of them have the potential to be operational before the Super Bowl. This presents a valuable opportunity as it is the most significant event on the sports calendar annually, allowing us to potentially make a grand entrance during this time.
Our focus in Virginia is to ensure that sports betting is conducted in a secure and accountable manner. We have implemented robust measures to protect consumers, prevent underage gambling, and conduct regular audits to detect and prevent any illegal activities like money laundering or tax evasion. We can leverage the successful experiences of other states to learn and improve our own practices.
Who gets Virginia sports betting licenses?
However, prior to the initiation of Virginia sports betting, the Virginia Lottery must disclose the roster of individuals or organizations who have obtained licenses. The governing authority responsible for supervising sports betting and casino gambling in Virginia has not disclosed any information regarding the applicants.
Nevertheless, it is a well-known fact that several major sportsbook operators in the industry are competing to secure a share of the market. These operators include:
- BetMGM
- DraftKings Sportsbook
- PointsBet
- theScore Bet
- WynnBET in VA
According to a Virginia Lottery official, the official website of the lottery, VALottery.com, will eventually disclose and display the licensees, as stated in an interview with PlayVirginia.
Hall reports that a total of 25 companies have submitted applications for licenses. Under the regulatory framework for Virginia sports betting, the VA Lottery has the authority to grant a minimum of four licenses, with the possibility of issuing up to 12.
In addition, according to Hall’s statement to WVEC, the operators of the newly approved Norfolk and Portsmouth casinos have applied to run online sports betting platforms. These resorts, along with the upcoming Bristol and Danville casinos, may also feature physical sportsbooks upon their opening in 2022 and 2025.
Virginia sportsbooks have the potential to thrive once they are up and running. The projected tax revenue of $50 million per year by 2025-2026, as estimated by Virginia lawmakers, indicates the lucrative nature of the sports betting market.
On the other hand, Tennessee and West Virginia have already initiated their markets, giving them an advantage. However, Virginia will face certain restrictions, including a prohibition on betting on in-state schools like the University of Virginia and Virginia Tech.
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