BetMGM & BetRivers Enter Virginia Betting Market
Two new operators hit the Virginia sports betting market as BetMGM & BetRivers join the party.
BetMGM and BetRivers have this week launched their online sportsbooks in Virginia, bringing the total number of online platforms currently live in the Old Dominion State to four. BetMGM and BetRivers became the third and fourth sportsbooks to launch, respectively. The market in Virginia is off to a fast start, with more operators expected to launch soon. Legal online betting launched in Virginia last week along with Michigan sports betting & MI Online casinos. Mobile sports betting has been live in Michigan since last Friday, and both BetMGM & BetRivers launched on the same day.
More sportsbooks are expected to launch in Virginia as the Virginia Lottery can issue licenses for up to 12 online sportsbooks. With Super Bowl LV approaching on February 7, it would be good for the state to have as many sportsbooks as possible as the event draws in substantial betting numbers. A new bill has been put forward to allow for more licenses in Virginia; however, if it receives approval, it cannot take effect until July 1.
BetMGM is now LIVE in the Old Dominion. Welcome to the show! pic.twitter.com/C7m32ueOHY
— BetMGM 🦁 (@BetMGM) January 27, 2021
The first online sportsbook to go live in Virginia was FanDuel. The operator was able to launch on Thursday last week due to a partnership with the Washington Football Team, which saw them gain “substantial and preferred consideration.” DraftKings Sportsbook was the next, launching their platform on Sunday before the NFL Conference Championship games started.
BetMGM received approval on Sunday and announced they would launch on Wednesday. BetRivers revealed on Tuesday that their online sportsbook would be live in Virginia the same day. Richard Schwartz, president of Rush Street Interactive, who are the parent company of BetRivers, said they were “pleased to add Virginia” to the list of states they call home. He said the company’s aim in the state would be on “earning and retaining player trust.”
BetRivers has agreed to a partnership with the Rivers Casino Portsmouth in Virginia. Residents in Portsmouth approved the casino project in November, which could end up costing around $300 million. Additionally, Danville, Bristol, and Norfolk have approved casinos, while Richmond will vote on one this year.
Rush Street is based in Chicago and operates in Colorado, Illinois, Iowa, New Jersey, Pennsylvania, Michigan, and Indiana. Schwartz added that they are excited to offer Virginia residents a “convenient and enjoyable online sports betting” website for the foreseeable future.
BetMGM Add Another State to List
BetMGM was among four sportsbooks to offer sports betting in Tennessee on November 1. The others were DraftKings, FanDuel, and local company Action 247. All apart from Action 247 are live in other states and revealed that the Volunteer State saw the most first-day handle of any other jurisdiction. Tennessee has had a very strong start to legal sports betting, posting a very impressive first month. To date, it was the most significant new player signup day ever for BetMGM. However, figures for Michigan have not been released, and it is likely that number will be higher.
According to reports, Michigan became one of the busiest legal sports betting states in its first weekend. This is based on geolocation transaction data. When you combine the figures with Virginia, the two states added 400,000 new accounts in their opening weekend.
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