Virginia sports betting could generate $412m a year
Virginia Casinos has made the projection ahead of the launch of sports betting in the state.
US.- Sports betting in Virginia could bring in up to $412m in annual revenue once it reaches maturity, according to VirginiaCasinos.com.
With a tax rate of 15 per cent for both online and retail sportsbooks, that means the state could see around $61.8m per year in tax revenue.
Virginia Casinos also estimated that around 90 per cent of overall sports betting revenue will come from online platforms, either through standalone apps or as licence partners to retail casinos.
The Virginia Lottery is the regulatory body for sports betting in the state. It is expected to issue up to 12 licences, four of which will be for online-only operators.
It began accepting licence applications after approving a final draft of regulations for sports betting in September. It has received 25 applications which it will review before making decisions in January.
