According to projections from Virginia Casinos.com, Virginia’s legal sportsbooks could earn as much as $412 million annually, yielding $61.8 million in tax revenue for the State.
The projection forecasts 90% of revenue coming from online wagering, with mobile sports betting apps bringing in $375 million annually when Virginia’s market reaches full maturity.
Virginia legalized sports betting in July 2020. The Virginia Lottery regulates the state’s sports wagering industry and will license up to 12 different online sportsbook brands. Four of those licenses are marked for online-only operators, which can conduct mobile sports betting without a partnership with a land-based casino.
“Mobile wagering will dominate the Virginia market. We’ve seen online sports betting account for around 90 percent of revenue in New Jersey, Pennsylvania, and Illinois. The ability to offer remote wagering from any location in the state expands the potential of sports betting far beyond the scope of retail casinos,” Geoff Fisk, analyst for VirginiaCasinos.com, said.
“Virginia should emerge as the next major sports betting market in the US. The proximity to several different pro sports franchises makes it a natural hub for sports betting. The big players in the industry will definitely want their share of that market,” Fisk added.