Properly-positioned Virginia affords important sports activities betting potential

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Virginia has the potential to become one of the largest sports betting markets in the US, capable of more than $ 5 billion in annual wagers, annual operator revenues of $ 400 million, and annual state taxes of 60 million in its third year of the market . USD to achieve.

Virginia was launched as an online-only market, and while regulators have allowed stationary sports betting to be introduced, it is said that by the time the market is due, online betting should account for nearly 90 percent of all bets.

PlayVirginia predicts that Old Dominion will have over $ 13 million in revenue, nearly $ 1 billion in revenue, and over $ 125 million in state taxes in its first three years

"Virginia is well positioned not just because it's a relatively large market, but because it will likely benefit from Washington DC, a legal market that has frustrated some bettors," he said Eric Ramsey, analyst for PlayVirginia.com.

“In addition to Washington DC, Virginia can also move from Baltimore – at least until Maryland starts sports betting, as does North Carolina.

"Having so many big markets nearby has been a boon to states like New Jersey, the country's largest sports betting market, and Indiana."

The state's legal framework provides for a 15 percent tax rate on sports betting income, which is higher than most states.

New Jersey taxes online sports betting at 13 percent, Tennessee at 20 percent and Pennsylvania, the third largest market in the United States, also has the highest tax rate in the country at 36 percent.

"Virginia has gone through one of the greatest changes in history, moving from a state with few gambling options to a wide-open state that enables online wagering and retail casinos," he said Dustin Gouker, analyst at PlayVirginia.com.

“Virginia obviously had the benefit of seeing what worked in other states. And that has resulted in a legal framework designed to promote long-term success. "

When taking bets online sports betting in January, Virginia joined 19 other states and Washington DC to launch legal sports betting.

"The Virginia market has not yet been tested, but it appears to be off to a good start," added Ramsey. “We saw that states like Colorado, which were also largely untested, flourish in large part because the openness of a new jurisdiction without dominant actors is so attractive to operators.

"Ultimately, a resilient and competitive market will benefit consumers and make the industry a reliable source of income for the state in the years to come."