One year has passed since the launch of legal sports betting in Virginia. According to the Virginia Lottery, which tracks the gambling industry, it has been a successful year. So far, nearly $3 billion dollars in wagers have been placed and over $18 million of that money has come back to the state through tax revenue.
FanDuel is the largest operator in Virginia, holding 42.69% of the market. It is followed by DraftKings at 26.77% and BetMGM at 17.82% market share. Across all of the sportsbooks, professional basketball and football have seen the highest number of wagers this year.
Virginia gambling industry growth in 2022
After Virginia’s encouraging first year of sports betting, the industry expects to see further growth. Temporary permits were granted to Digital Gaming Corporation, which operates the Betway sportsbook brand, and VHL International in November. Both gambling operators are expected to launch in the first quarter of 2022. There are three other operators expecting to receive permits in the first half of fiscal-year 2022.
There are also two casinos being built. Hard Rock Bristol plans to open a temporary casino by the end of the second quarter in 2022, and Portsmouth Casino broke ground on December, 7 2021. Portsmouth Casino hopes to open by the end of 2022 or early 2023.
Both locations are looking forward to hiring for new positions. Hard Rock Bristol expects to hire 600 people during the construction and opening of the temporary casino. In late 2022, Portsmouth Casino will aim to bring on 1,300 new team members.
Legal gambling in D.C. and Maryland
With the success of Virginia’s first year of legal sports betting, its neighbors have also been looking to grow their gambling industries.
Maryland
While legal sports betting signed into law in April 2021, residents of Maryland are still waiting on online betting to go live. The anticipated timeline is before the end of the year in 2022. Anyone hoping to place a bet before then will have to go to a retail location to do so. As of September 2021, 17 retail locations have been named within the Sports Wagering Law. So far, five locations have launched under the Class B license with unique sportsbook options:
- MGM National Harbor | BetMGM
- Live! Casino & Hotel Maryland | FanDuel
- Horseshoe Baltimore Casino | Caesars Sportsbook
- Ocean Downs Casino | TwinSpires Sportsbook
- Hollywood Casino Perryville | Barstool Sportsbook
There are also 60 mobile licenses available for when mobile sports betting launches in the state. When online betting launches, DraftKings, Caesars, BetRivers, FanDuel, PointsBet, Barstool, TwinSpires, and BetMGM Sportsbook Maryland are all likely to be on the scene to get a mobile license. Many of the sportsbooks will be available at physical locations, including casinos and off-track betting facilities, in the meantime.
Washington D.C.
At the end of the most recent fiscal year, Caesars Sportsbook by William Hill DC handled over $44 million and had a gross gaming revenue of $4.5 million. DC’s next largest sportsbook, BetMGM handled $1,437,738.49 after launching in June using a partnership with the Washington Nationals.
The District of Columbia’s Office of Lottery and Gaming (OLG) is reviewing applications for new operators. The most recent approval is a Glass B license for Grand Central Restaurant & Bar in conjunction with Elys Game Technology. The restaurant, located in the Adams Morgan area of DC, will offer sports betting alongside food and beverages for a unique customer experience. Because of the Class B licensure, Grand Central will be able to offer a full-service sportsbook without restrictions on maximum bets to be wagered and where all winnings can be redeemed on-site. The restaurant hopes to launch a mobile app in 2022 for easier betting on-site.
Story by Stephanie Wood
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