Trending...
- Delirious Comedy Club: Vegas' Wildest Laugh-Fueled Escape — Now at TWO Epic Locations!
- Revenue Optics Announces the Appointment of Sonal Chowdhury as Senior Manager – Strategic Operations
- CCHR's New Documentary Prescription for Violence Highlights Overlooked Safety Warnings
LAS VEGAS, Feb. 9, 2021 /PRNewswire/ -- Virginia's fledgling sports betting industry will grow into one of the largest markets in the country, capable of generating more than $5 billion in annual wagers, $400 million in annual operator revenue, and $60 million in annual state taxes by the market's third year, according to estimates by PlayVirginia, which analyzes and researches the state's regulated online gaming and sports betting market.
When online sportsbooks began taking bets in January, Virginia joined 19 other states and Washington D.C., to launch some form of legal sports betting. And few launched with a brighter future than the Old Dominion, which projects to more than $13 million in handle, nearly $1 billion in revenue, and more than $125 million in state taxes over its first three years, according to PlayVirginia projections.
"Virginia is well-positioned, not only because it is a relatively large market, but because it will likely capitalize on Washington D.C., a legal market that has left some bettors frustrated," said Eric Ramsey, analyst for PlayVirginia.com. "In addition to Washington D.C., Virginia may also draw from Baltimore — at least until Maryland launches sports betting, as well as North Carolina. Having so many large markets so close by has been a boon for states like New Jersey, the nation's largest sports betting market, and Indiana."
More on nvtip.com
Virginia launched as a solely online market, which is a relative rarity. And though regulators have allowed for the launch of brick-and-mortar sportsbooks, online betting should account for close to 90% of all bets once the market matures.
Virginia's tax structure should not impede the growth of the market. The state's regulatory framework calls for a 15% tax rate on sports betting revenue, which is a higher rate than most states. New Jersey, for instance, taxes online sports betting at 13%. But it still falls below the 20% rate in Tennessee, which is off to the best start of any legal sports betting market in U.S. history, and well below Pennsylvania, the third-largest market in the U.S. which also boasts the nation's highest tax rate at 36%.
"Virginia has undergone one of the greatest transformations in history by going from a state with few gambling options to a wide-open state that will allow for online betting and retail casinos," said Dustin Gouker, analyst at PlayVirginia.com. "Obviously, Virginia has had the benefit of seeing what has worked in other states. And that has resulted in a regulatory framework that should foster its long-term success."
Virginia is also the beneficiary of a sports-betting boom across the U.S., with its launch contributing to the busiest weekend in regulated U.S. gambling history. It has also benefited from interest from almost every major sportsbooks operator in the country.
More on nvtip.com
FanDuel, the nation's No. 1 operator, opened the market, but No. 2 DraftKings, as well as BetRivers, BetMGM, and William Hill, have soon followed. Together they represent the best-known brands in the industry.
"Virginia's market is still untested, but it seems to be off to a great start," Ramsey said. "We've seen states like Colorado, which was largely untested, too, flourish in large part because the openness of a new jurisdiction without dominant players is so appealing for operators. Ultimately a robust and competitive market benefits consumers while making the industry a reliable revenue producer for the state for years to come."
For more, visit PlayVirginia.com/news.
About the PlayUSA.com Network:
The PlayUSA.com Network and its state-focused branches is a leading source for news, analysis, and research related to the market for regulated online gaming in the U.S.
Contacts:
Zack Hall, DVA Advertising & PR, 541-389-2411, [email protected]
SOURCE PlayVirginia.com
When online sportsbooks began taking bets in January, Virginia joined 19 other states and Washington D.C., to launch some form of legal sports betting. And few launched with a brighter future than the Old Dominion, which projects to more than $13 million in handle, nearly $1 billion in revenue, and more than $125 million in state taxes over its first three years, according to PlayVirginia projections.
"Virginia is well-positioned, not only because it is a relatively large market, but because it will likely capitalize on Washington D.C., a legal market that has left some bettors frustrated," said Eric Ramsey, analyst for PlayVirginia.com. "In addition to Washington D.C., Virginia may also draw from Baltimore — at least until Maryland launches sports betting, as well as North Carolina. Having so many large markets so close by has been a boon for states like New Jersey, the nation's largest sports betting market, and Indiana."
More on nvtip.com
- UK Financial Ltd Announces Full Ecosystem To Erc-3643 "SEC-Ready" Tokens For All UK Financial Ltd Tokenized Projects
- Pushing the Wave Series Launches Premium Hardback Editions of 2017–2022 and 2023 Volumes
- ZEELOOL 2025 Black Friday and Cyber Monday Big Deals
- Americans Are Building Family Legacies That Last Generations — Not Just Paychecks That Last a Month
- Bent Danholm Lists Contemporary Lakefront Residence in Winter Garden's Avalon Cove
Virginia launched as a solely online market, which is a relative rarity. And though regulators have allowed for the launch of brick-and-mortar sportsbooks, online betting should account for close to 90% of all bets once the market matures.
Virginia's tax structure should not impede the growth of the market. The state's regulatory framework calls for a 15% tax rate on sports betting revenue, which is a higher rate than most states. New Jersey, for instance, taxes online sports betting at 13%. But it still falls below the 20% rate in Tennessee, which is off to the best start of any legal sports betting market in U.S. history, and well below Pennsylvania, the third-largest market in the U.S. which also boasts the nation's highest tax rate at 36%.
"Virginia has undergone one of the greatest transformations in history by going from a state with few gambling options to a wide-open state that will allow for online betting and retail casinos," said Dustin Gouker, analyst at PlayVirginia.com. "Obviously, Virginia has had the benefit of seeing what has worked in other states. And that has resulted in a regulatory framework that should foster its long-term success."
Virginia is also the beneficiary of a sports-betting boom across the U.S., with its launch contributing to the busiest weekend in regulated U.S. gambling history. It has also benefited from interest from almost every major sportsbooks operator in the country.
More on nvtip.com
- Safe Health Zones: A Global Breakthrough to Protect Night-Shift Workers from Preventable Harm
- ProfileSpider Launches Powerful One-Click Profile Scraper for Recruiters and Growth Teams
- NATCO Awarded U.S. Patent for Persimonal® – Breakthrough Innovation in Preparing Persimmon Leaf Extract
- The Sky Belongs to UVify: IFO Marks Third Consecutive Year Flying LDI
- Rio Bela Cosmetics Launches Inclusive Line of Organic Skincare Products
FanDuel, the nation's No. 1 operator, opened the market, but No. 2 DraftKings, as well as BetRivers, BetMGM, and William Hill, have soon followed. Together they represent the best-known brands in the industry.
"Virginia's market is still untested, but it seems to be off to a great start," Ramsey said. "We've seen states like Colorado, which was largely untested, too, flourish in large part because the openness of a new jurisdiction without dominant players is so appealing for operators. Ultimately a robust and competitive market benefits consumers while making the industry a reliable revenue producer for the state for years to come."
For more, visit PlayVirginia.com/news.
About the PlayUSA.com Network:
The PlayUSA.com Network and its state-focused branches is a leading source for news, analysis, and research related to the market for regulated online gaming in the U.S.
Contacts:
Zack Hall, DVA Advertising & PR, 541-389-2411, [email protected]
SOURCE PlayVirginia.com
Filed Under: Business
0 Comments
Latest on nvtip.com
- Monika Balayan Elected Fellow of the Royal Society of Arts (FRSA)
- We're Winning: Historic Plunge in Overdose Deaths Marks Stunning Reversal in America's Drug Crisis
- Lineus Medical Receives Patent for SafeBreak® Vascular Generation 2
- New 2025–2026 Energy Rebates: Squeaks Services Explains How to Qualify
- CCHR's New Documentary Prescription for Violence Highlights Overlooked Safety Warnings
- Men's Health Network Announces a New Feature to Support the Well-Being of Men When and Where They Are through Text Alerts
- Comp-U-Floor Unveils Powerful New Commercial Module
- Revenue Optics Announces the Appointment of Sonal Chowdhury as Senior Manager – Strategic Operations
- How California Convinces Buyers Not to Purchase New Cars — and How This Hurts Dealers
- Delirious Comedy Club: Vegas' Wildest Laugh-Fueled Escape — Now at TWO Epic Locations!
- Tax Fears and Political Volatility Drive Wealthy UK Residents to Consider Leaving, La Vida Survey Shows
- Titan Steel Buildings Expands Nationwide to Deliver Large Steel Warehouses and Industrial Facilities
- Kaltra Removes Size Barriers for Microchannel Coils with Fully Integrated Large-MCHE Production
- Guests Can Save 10 Percent Off New Vacation Rental Homes at KeysCaribbean's Village at Hawks Cay Villas
- Paylode Acquired by Moved to Power the Next Generation of Ancillary Revenue Automation
- Health Insurance Open Enrollment
- Global Preschool Giants Unite to Celebrate the 12th Anniversary of Badanamu's Hit Song "Ponytail"
- Mbariket Calls for Establishment of "Diaspora Hub" in Nigeria
- America's Leading Annuity Expert Carlton Cap Averil II Joins Tom Hegna on "Financial Freedom with Tom Hegna"
- Cheeron Partners with CRCC to Support Shanghai East Railway Station