Virginia sports betting has been legal since April 2020, when the state legislature worked with former Governor Ralph Northam to pass SB 384 and HB 896 into law. The online sports betting markets opened in the Old Dominion State just a few months later, in January 2021.
The two years after the first sportsbooks went live were a huge period of growth for the Virginia sports betting market. At one point, as many as 16 sportsbooks were legal in the Old Dominion State. However, 2024 was a period of contraction, with the market shrinking to just 12 legal Virginia sportsbooks.
Let’s examine 2024, which operators left, and the other major developments in the Virginia sports betting market.
Virginia Sports Betting: 2024 Highlights
April 11: After its parent company announced in 2023 that it would be leaving the US sports betting market, Unibet shuttered its operations in Virginia and other North American jurisdictions where it operated.
June 3: 888 Holdings Plc officially shut down SI Sportsbook in four states, including Virginia. The company’s CEO cited a lack of profits and the insurmountable competition from U.S. sportsbooks like FanDuel, who already dominate the American sports betting market.
Sept. 6: Betr, a leading micro-betting platform owned by influencer Jake Paul and sports betting veteran Joey Levy, went live in Virginia. The Old Dominion State was just third to issue a license to Betr, following Ohio and Massachusetts.
Oct. 21: Betfred Sportsbook closed its operations in Virginia. Like 888 and Unibet, Betfred found it very difficult to compete with American sports betting brands that are already well-known in Virginia.
Oct. 21: Philadelphia-based sports betting operator Sporttrade launched in Virginia to become the state's 12th legal sportsbook. For Sporttrade, Virginia was its fifth legal sports betting market after it had previously gone live in Arizona, Colorado, Iowa, and New Jersey.
Nov. 12: Caesars Virginia announced plans for a grand opening on Dec. 12th. The new casino will have over 1,500 slot matches, poker, table games, and the Old Dominion State’s newest retail sportsbook.
Sports Betting: Where Things Stand
Virginia sports betting is legal – and it’s thriving. Virginia sportsbooks have consistently handled over $500 million in monthly bets and look on track to have record revenues in 2024.
While the Virginia market contracted in 2024, these huge numbers make sense when you look at the names still operating in the Old Dominion State. If you are over 21, you can place bets at these 12 Virginia sportsbooks:
- Bally Bet
- bet365
- BetMGM
- BetRivers
- Betr
- Caesars Sportsbook
- DraftKings
- ESPN BET
- Fanatics Sportsbook
- FanDuel
- Hard Rock Bet
- Sporttrade
Through October, Virginia has taken in $5.43 billion in wagers so far in 2024, nearly surpassing the $5.59 billion it generated for all of 2023. Its 10.1% hold for the year is ever so slightly ahead of the 10% it produced last year.
Virginia Sports Betting: What's Next?
As the Virginia sports betting market contracted in 2024, state lawmakers are set to reexamine its sports betting laws. However, not all changes will make things easier for new Virginia sportsbooks.
State Delegate Paul Krizek says one of the legislature’s main goals for 2025 is to clear up the “compliance nightmare” caused by Daily Fantasy Sports (DFS). Some of the proposals include taxing DFS operators as sportsbooks.
Virginia lawmakers also plan on addressing the issue of college sports betting. The state currently bans almost all college sports betting. The legislature could consider opening the market to allow bets on in-state teams.
Virginia Sports Betting: Notes and Quotes
Virginia State Delegate Paul Krizek on the issue of unregulated daily fantasy sports in Virginia:
"It’s a compliance nightmare… I think they’re kind of taking advantage of the lack of regulatory oversight."
Kindred Group’s 2023 Q3 report outlining the struggles of growing Unibet in Virginia and other North American sports betting markets:
"The long-term outlook for Kindred in North America has changed since entry. The competitive nature of the market means significant resource is needed to close the gap to market leaders and at our current capacity this is untenable."
"In the US, the intensity of competition and requirement for scale means huge investment is required to reach profitability…We have concluded that achieving sufficient scale in the US market to generate positive returns within an accelerated timeframe is unlikely."
