WynnBET Becomes Sixth Sportsbook to Go Live in Virginia
The Virginia online sports betting market has gained its sixth operator as WynnBET is now live in the state.
On March 1, Virginia Lottery officials said they anticipated more sports betting operator permits would be awarded soon. Legislation also passed through the state House and Senate last week to add more operators and to allow wagering on the Olympics.
The Virginia legislature approved sports betting in April 2020 and it was legal effective July 1. The Virginia Lottery began developing and approving regulations on an accelerated schedule and led to the first bets being made in January.
WynnBET and NASCAR announced a multiyear sports betting partnership in late October. Officials for both indicated at the time they were looking to launch in Virginia. WynnBET will be the official online sportsbook of two iconic racing venues in the state — Martinsville Speedway and Richmond Raceway.
Strong Start to Sports Betting in VA
The Virginia Lottery reported last week that sports bettors wagered nearly $58.9 million in the first 11 days of online sports betting.
Of the $58.9 million in January, the hold for the sportsbooks was $3.6 million (6.08%), but because operators gave away $6.34 million in promotions and bonuses, and also had more than $478,000 in other deductions, the adjusted gross revenue was minus-$3.2 million.
By comparison, the Michigan online sports betting launch produced a $115.2 million in total handle from Jan. 22 through Jan. 31, according to the Michigan Gaming Control Board. Online sports betting operators realized $13.3 million in gross revenue, and for the 10-day period, the state collected $111,696 in taxes.
But Michigan also had more than twice the operators go live on the same day, so for that 10-day period they were all operating. It was a staggered start in Virginia and just four operators launched in January.
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