WynnBet approved to offer Sports Betting in Virginia
WynnBet is set to become the latest operator to launch online sports betting in Virginia.
Virginia sports betting is poised to welcome another addition to its online betting market as online operator WynnBET was approved by the Virginia Lottery this week. WynnBET, the digital gaming division of Wynn Resorts, has not yet revealed when it will go live in the Old Dominion State. However, judging by past launches, it has generally taken less than a week for an operator to launch after receiving approval. The approval for WynnBet was confirmed on the lottery’s website on Thursday.
There are currently five sportsbooks operating in Virginia: BetMGM, DraftKings, FanDuel, William Hill, and BetRivers. FanDuel opened things up by launching first on January 21. William Hill followed by launching in time for Super Bowl LV, with the platform accepting wagers from February 3.
Earlier this week, Virginia Lottery officials stated that they anticipated more sports betting operator permits would be given out in the coming weeks and months. Additionally, legislation has also passed through the state House and Senate this week to allow for more operators and permit wagering on the Olympics.
The Virginia state legislature approved sports betting in April 2020, and it became operational and legal from July 1. The Virginia Lottery began drafting, developing, and approving regulations on a fast-moving schedule, leading to the first bets being made in January.
WynnBET and NASCAR revealed they agreed to a multi-year sports betting partnership in late October. Officials from both parties stated at the time they were looking to launch in Virginia. WynnBET will be the official online sportsbook for two iconic racing venues in the state: Richmond Raceway and Martinsville Speedway.
Sports Betting gets off to a Strong Start in Virginia
The Virginia Lottery revealed this week that sports bettors wagered nearly $58.9 million in the opening 11 days of online sports betting. Of that total in January, the hold for the sportsbooks was $3.6 million (6.08%). However, as operators gave away $6.34 million in promotions and bonuses, including accounting for more than $478,000 in other deductions, the adjusted total gross revenue was -$3.2 million.
Looking to other states, the Michigan online sports betting launch saw $115.2 million in total handle from January 22 to the end of the month. Online sports betting operators raised $13.3 million in gross revenue. Additionally, for the 10-day period, the state collected $111,696 in taxes.
The caveat here is that Michigan had more than twice the operators go live on the same day. Consequently, for that 10-day period, they were all operating. On the other hand, Virginia experienced a staggered start, and only four operators launched in January.
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