Virginia Rolls Out More Sports Betting Options

Virginia officially launched sports betting on Thursday, January 21, just one day before the launch in Michigan. Both states were competing to become the first to roll out sportsbook apps, but the Cavalier State got to the finish line first.
FanDuel Sportsbook was the only operator that went live on that first day, and it gained a huge advantage by doing so. FanDuel has partnered with the Washington Football Team, which allowed it early access into the state.
DraftKings Sportsbook followed just a few days later, and just in time for the conference championship games in the National Football League. These two operators got the sports betting market off to a strong start, but now they will be joined by two other big names.
BetMGM and BetRivers have been approved for a Virginia sports betting license, and they are now live in the state. BetMGM and BetRivers will have some work to do to catch up to the early leaders, but these are proven companies in the US sports betting industry.
The Virginia Lottery can approve up to 12 online sportsbooks, but it’s unclear how many will eventually be approved. The Virginia Lottery hopes to approve and launch as many apps that are ready before the Super Bowl on February 7.
BetRivers was able to gain access into the state through the partnership with Rivers Casino in Portsmouth, Virginia. BetRivers is the official sports betting arm of Rivers Casino, and it has seen tremendous growth in recent years.
BetMGM is the sports betting arm of MGM Resorts International, and this company has seen plenty of expansion in recent months. All four of these operators in Virginia have been preparing for an online launch in other states.
The official sports betting numbers for the first few days in January have not been released by the Virginia Lottery, but that announcement is expected in February. Virginia could become a large sports betting market, especially as more operators get approved.
According to GeoComply, more than 25 percent of all sports betting transactions during the first weekend after launch came from either Michigan or Virginia. Michigan had 10 online sportsbooks available on Day 1, and it likely drove up the numbers.
Retail Sports Betting Coming Later
As of now, all of the betting in Virginia will be done online or through a mobile app, even though retail betting has also been approved. There simply aren’t any retail sportsbooks currently available in the state, as construction on five casinos is just underway.
Bristol, Danville, Norfolk, Portsmouth, Richmond have all been approved to begin new casino construction after a referendum passed last November. These five cities were specifically targeted based on their economic levels.
Retail sportsbooks will be included at each new casino, but online betting is expected to drive the market. Virginia is also hoping to lure the Washington Football Team to build a new stadium in Virginia, and sports betting will be available at that site as well.