Virginia’s new sports betting industry is set to grow into one of the largest markets in the country, according to research released this week.
Analysts PlayVirginia say that the market couldultimately generate more than $5 billion in annual wagers, andas much as $400 million in revenue, with $60 million going to statetaxes.
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Last month, Virginia became the 20th USstate to offer sports betting. And early indications are that the state is inthe position to become one of the most lucrative markets, with forecast revenueof almost $1 billion and $125 million in state taxes by 2024.
Virginia’s likely strength as a betting hub is due to anumber of factors. The state has a large number of sports fans, and is also ina strong position to draw customers from Washington DC, where there has beensome dissatisfaction with the state of the sports betting sector, and the cityof Baltimore, at least until the state of Maryland launches its own sportsbetting market. Virginia may also be able to draw some business from NorthCarolina.
The state launched as a solely online market, which is relativelyrare in the new US betting sector, and puts Virginia in a strong position comparedto states that require in-person betting. Virginia also has a tax structure thatis considered favourable for the growth of the sector. The state’s regulatoryframework imposes a 15% tax rate on sports betting revenue. Although this is a higherrate than most states, it is below both Tennessee and Pennsylvania and both ofthose territories have generated considerable revenue from their sports bettingindustry.
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The launch of Virginia sports betting has also happenedat one of the busiest times of the year in sport, with the Super Bowl taking placelast weekend.