Virginia sports betting could generate $13bn in three years

Analysts believe Virginia could generate $5bn in annual bets.
Analysts believe Virginia could generate $5bn in annual bets.

Sports betting officially launched in Virginia on January 21 and analysts believe it could become one of the biggest markets in the US.

US.- The sports betting industry in Virginia could generate up to $13bn in bets in its first three years, according to analysts at PlayVirginia.

The site predicted that state could generate more than $5bn in annual wagers, $400m in annual operator revenue and $60m in annual state taxes by its third year.

Sports betting officially launched in Virginia on 21 January this year, with FanDuel’s sportsbook the first sportsbook to go live.

Due to its position in the US, analysts believe Virginia could grow to one of the largest markets in the country.

PlayVirginia’s Eric Ramsey, said: “Virginia is well-positioned, not only because it is a relatively large market, but because it will likely capitalize on Washington DC, a legal market that has left some bettors frustrated.

“In addition to Washington DC, 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.”

Last month, a subcommittee in the state of Virginia approved an amendment to its sports betting bill, paving the way for five more online-only licences plus wagering on Olympic events.

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