Virginia Sports Betting Virginia became one of the latest states to legalize sports betting in 2020. As of 2021, Virginia sports betting is set to launch – in fact, sports bettors may be able to. While Virginia technically doesn’t have any professional sports teams competing on its soil, the state is still filled with sports fans and sports bettors. But the state is a stone’s throw from Washington DC, giving Virginia sports bettors looking for a home team to bet on.
Happy Monday, everyone. There was plenty of interesting sports betting news last week despite GameStop and retail stock market investors dominating headlines.
The latest LSR Podcast discussed the two recent US sports betting launches in Michigan and Virginia. The team also discussed the recent trend of buying daily fantasy sports companies.
Make sure you’re following @LSPReport on Twitter as well for breaking news updates.
Top sports betting story: Virginia sports betting continues slow rollout
Sports betting in Virginia launched Jan. 21, but there still are just four operators live.
BetMGM and BetRivers joined FanDuel Sportsbook and DraftKings Sportsbook in the market last week. BetMGM received an untethered mobile license while BetRivers launched under Rush Street’s eventual casino license.
It would appear William Hill is next in line, with Caesars Virginia receiving its permit Wednesday. After that, who knows when we’ll get the next bit of sports betting news from the state: The Virginia Lottery is keeping the process very secretive with licensee information only available as its website updates.
Tennessee gets two more sportsbooks as well
It’s go time for William Hill and WynnBET in the hot Tennessee sports betting market – but not until after the Super Bowl.
Both operators received approval at Friday’s Tennessee Education Lottery special meeting but have more to do before they can launch. Easy money slot. Tennessee is also still waiting for Churchill Downs‘ TwinSpire to join the market.
The four launched sportsbooks – Action 24/7, BetMGM, DraftKings and FanDuel – are likely thrilled to be the only operators so far. Tennessee’s online-only market set a launch record with $131.4 million in handle in November followed by $180.9 million in December.
Those two months combined for $27.1 million in operator revenue.
Northeast states staying busy on sports betting
Popover poker. Maybe there’s something more to the water in the Northeast than just making perfect bagels and rolls.
Connecticut and Massachusetts are both trying to legalize sports betting while New York is taking a step forward and back simultaneously.
Sports betting in Connecticut is a bit tricky because of the gaming exclusivity granted long ago to the Mashantucket Pequot and Mohegan tribes. All sides called for compromise at a hearing last Tuesday, but no one seems ready to make a sacrifice first.
Massachusetts sports betting is again supported by Sen. Brendan Crighton, who reconfigured his 2020 bill with higher upfront fees that would generate tens of millions for the state.
And then there’s New York. Sports betting in New York is already legal, but only through retail casinos. For questionable reasons, Gov. Andrew Cuomo and his team think the best option is to limit the market to potentially just one mobile operator.
Nevada sports betting handle falls in 2020
Fewer people traveling and an upended sports calendar because of the coronavirus handed Nevada‘s sportsbooks a 20% dip in annual revenue and 19% decrease for handle.
Revenue for the full year was $262.8 million, about $7 million behind the leader, Pennsylvania. Handle was $4.3 billion.
Part of the decline can be blamed on Nevada’s market since it requires in-person registration for mobile wagering accounts.
Investor Ader talks gaming SPACS
Va Sports Betting Bill
Jason Ader called FanDuel and PokerStars parent company Flutter the potential Tesla of the gaming industry, and detailed some of his potential SPAC targets in an LSR Q+A.
Ader, who had two SPACs more than a decade ago and recently raised $275 million through Capital 26, is currently considering four targets.
Ader also touched on why he thinks MGM Resorts will eventually buy its BetMGM partner, Entain, and likened some current SPAC management teams to old Fords instead of Ferraris or Rolls Royces.
Elsewhere, LSR’s Brad Allen also dove into how mergers and acquisitions could change the shape of US sports betting this year.
Virginia sports betting officially went live in January 2021 after the state legalized betting in 2020.
At the start, sports betting in Virginia will take place via mobile and online sportsbook apps, which have become increasingly popular through the legal US sports betting market.
FanDuel Sportsbook launched the first app through a partnership with the Washington Football Team.
More sports betting apps are in the approval process in Virginia. DraftKings Sportsbook is licensed and live, and BetMGM and BetRivers began operation in January 2021 as well. William Hill joins the market in February 2020.
Here is more of what you need to know about Virginia sports betting.
Virginia sports betting now live in 2021
Va Sports Betting Rules
Legal Virginia online sports betting
Virginia sports betting became legal in April 2020, when the Virginia state legislature passed a sports betting bill.
Betting on sports in Virginia eventually will become available from anywhere within the borders of the state. Mobile VA sports betting on smartphones will allow bettors to sign up for and fund accounts through apps on your device.
You do not need to live in Virginia to bet on sports in the state. You will, however, need to be physically located in the state to place a wager legally.
The state lottery oversees VA sports betting. Regulations are already in place, and more than two dozen sportsbooks have applied to operate in the state. There could be up to a dozen apps available throughout Virginia eventually.
Best Virginia sportsbook apps
State law mandates that there will be a minimum of four and a maximum of 12 VA sportsbook apps available.
FanDuel Sportsbook launched first, and DraftKings Sportsbook, BetMGM, BetRivers, and William Hill followed closely. Many more sportsbooks will offer sports betting apps in Virginia. Many of these brands are participating in new markets throughout the US legal market:
Generally speaking, more sportsbooks in a given state lead to a better market. Competition to gain customers often leads to sportsbooks offering better signup offers and promo codes. These can include free bets or deposit matches, ranging from a few dollars to a few hundred dollars.
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This is not necessarily a complete list of potential VA sportsbooks. Your smartphone device will use geolocation technology to verify that you are within Virginia before allowing you to bet with these sportsbook apps.
Here’s some more information on some of the biggest sportsbooks that will likely find their way into Virginia:
DraftKings Sportsbook
DraftKings, a leader in both daily fantasy sports and sports betting in the US, has been aggressive about getting into every state possible, and it went live in the state in January 2021.
If you’re a new bettor, you can receive $50 free, plus up to an addition $1,000 in bonus offers.
FanDuel Sportsbook
FanDuel is the current US leader among all sportsbooks in terms of amount wagered, Virginia is an obvious choice for the FanDuel sports betting app. The app provides weekly promotions, daily odds boosts and a live betting tool.
Bettors in the state get up to a $1,000 risk-free bet upon a first deposit.
BetMGM Sportsbook
The sportsbook from MGM Resorts International has been similarly aggressive entering every online sports betting state it can. It will not have a brick-and-mortar casino in the state, but does have one in neighboring Maryland. MGM started its app in January 2021.
Bettors should get a deposit match bonus of up to $500, based on what MGM does in other states.
BetRivers Sportsbook
BetRivers parent Rush Street Interactive partnered with the upcoming Rivers Casino Portsmouth to launch sports betting in Virginia. The brick-and-mortar casino will come later but the mobile platform is available now.
Bettors should be able to access a bonus offer comparable to that available in other states.
William Hill Sportsbook
Caesars will build the casino in Danville; Caesars is also buying William Hill. One plus one equals a VA sportsbook from William Hill, a big operator in Nevada and the UK, with a growing footprint around the US.
William Hill offers up to a $500 free bet on a first deposit in many other states.
Virginia sportsbooks at casinos
As Virginia sports betting launches, there aren’t any physical sportsbooks. Part of the reason why? Virginia casinos were approved in 2020 referendums and will be built in the coming years. And there should be sportsbooks at those casinos eventually.
There could also be physical sportsbooks at sporting venues, like Virginia’s two auto racing tracks.
Latest VA sports betting news
Va Lottery Sports Betting
