Sportsbook are Getting Ready to Enter the Gambling Market in Virginia
After a long battle, sports Betting is finally legal in the state of Virginia. However, the sports betting bill, SB 384 will not take effect until July 1, 2020. Therefore, while Virginians are awaiting to place their bets, Sportsbook are Getting Ready to Enter the Gambling Market in Virginia.
Sports betting operators are hoping that they will be up and running by the end of the year. However, it will take a lot of preparations for sportsbooks to enter the Gambling Market in Virginia. According to Sportsbook Pay Per Head providers, Virginia will have a maximum of 18 sports betting licenses for grab.
Sportsbooks with a license will be able to offer sports betting at venues as well as online sports betting. However, the breakdown of these licenses will be 12 online gambling licenses and up to five in-person casinos. Furthermore, there will also be an opportunity for a sports franchise to relocate to Virginia. While this is a great opportunity for sportsbooks wanting to expand their market share, it will be difficult. This is due the lack of cash flow from the lack of sports, making it difficult for smaller gambling operations
Entering the Legal Sports Betting Market in Virginia
According to Bookie Pay Per Head blogs, opening a sportsbook in Virginia is quite affordable in comparison to other states. This is because the sports betting license fee is $250,000 for three years and a 15% tax rate.
The entity in charge of regulating Sports Betting in Virginia will be the Virginia Lottery. In fact, they have just launched a sports betting and casino microsite with key information obtaining a license. However, casino applications will not take begun immediately. According to the website, the application process will be available shortly after November 3, 2020.
Until then, the Virginia Lottery has until Sept. 15 to create a set of rules and guidelines for gambling operators.
Virginia will probably see several of the large sportsbook companies like DraftKings, MGMBet and PointsBet enter their market. While the monopoly will be held by large gaming operations, it is possible for smaller operations to enter the market. This is especially true if the use an online bookie software from a Pay Per Head company. This is because they offer a full online sportsbook, infrastructure and customer support at an affordable price.