The Virginia Sports Betting Market Can Generate Billions
The newly launched Virginia sports betting market has a lot of potential to become one of the biggest markets in the country. As many bookie PPH sportsbooks are showing, more and more people are switching to mobile sports betting. Currently, the state is an online-only betting market. But state regulators are already starting to allow brick-and-mortar sportsbooks to launch. Regardless, experts are expecting 90% of wagers in Virginia to come from online sportsbooks.
Not all online sportsbooks, or betting markets even, are created equal. You can look at pay per head reviews to see how online sportsbooks can vary in terms of product offerings and features. The Virginia sports betting industry will capitalize on this, especially with Washington D.C. Washington D.C. has one sole sportsbook running, with lines that leave bettors frustrated. Having the convenience of betting in online sportsbooks in Virginia will allow them better lines. Which of course leads to a better gambling experience for many.
Virginia Sports Betting Market Potential
Many experts believe that Virginia’s betting market can generate more than $5 billion in wagers yearly. The state can also generate $400 million in operator revenue, as well as $60 million annually in state taxes by the time the market reaches its 3rd year. Virginia plans to collect 15% in taxes on sports betting revenue. Many see that the state will enjoy growth in the market mostly because its policies embrace online betting, and have open regulations to make it easy for people to bet.
Many per head sportsbook operators rely on their accessibility to be a key feature in attracting customers. Virginia has this in mind, not just for residents, but neighboring states as well. Aside from Washington D.C., the state can also attract bettors from Baltimore, as Maryland is yet to launch their own betting market. North Carolina could also be a potential source of wagers for the states. With the lack of betting options for these surrounding states, Virginia will be able to expand their betting market even more.
