- The Virginia Lottery may push to have mobile sports betting launched in Virginia in time for the Super Bowl.
- A maximum of 12 sportsbooks will be allowed to operate Virginia.
- It is predicted that $400 million will be wagered on sports in 2021.
RICHMOND, Va. – Sports bettors in Virginia will soon have access to regulated mobile sportsbooks as the Virginia Lottery is expected to have online betting launched before the Super Bowl.
Per the official legislation, a minimum of four and a maximum of 12 sportsbooks are able to operate in VA.
Virginia is expected to approve sports betting applications next month, which will allow operators to provide Virginia sports bettors with action on the go.
Sports Betting In Virginia
According to officials, Virginia is expected to see up to $400 million wagered on sports within its first year of launch. A steady increase is expected going forward.
Over 25 sportsbooks have sent in applications to launch their betting operations in the state according to Kevin Gall, Virginia Lottery Director. Only 12 of these applicants will be selected.
The decision is set to be made in January, which will allow sportsbooks to launch ahead of the Super Bowl which is not only the biggest US sporting event of the year but also the most wagered on event of the year.
Virginia will have no retail sports betting operations yet, however, as only online and mobile betting operators will have licenses before the Super Bowl. The state will collect 15% in tax revenue from betting transactions.
Tax revenue from legal sports betting will go to Virginia’s general funds, which is unique as all other Virginia Lottery revenue is dedicated to education.
Current estimations have the state collecting between $4 million and $5 million in the first year from taxes on sports betting. This is also expected to incrementally grow each year.
Virginia bettors won’t be waiting long before they can start putting action on their favorite teams.
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Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.