The state of Virginia is now looking at a launch date in early 2020 of the newly legalized sports betting industry. The election on Tuesday night helped to sort some things out, and lawmakers believe that things will be in place for an early 2021 launch.
The Virginia state lottery is in charge of the newly legalized sports betting industry, and that group has been reviewing license applications in recent weeks. There are plenty of operators looking to launch in the state, and that number could increase as more retail locations are established.
There are 12 online sports betting licenses available in Virginia, but only four of those will be issued in 2020. This will create an extremely competitive industry, and it should attract all of the biggest names in the industry.
The Virginia State Lottery will also be allowed to hand out five retail sports betting licenses, but those appear to be accounted for. The retail portion of this industry will take a lot longer to launch as there are no current casinos operating in the state.
Four Cities Approve Casino Project
Virginia lawmakers identified five cities that could eventually build a new casino project in 2021. These five cities were Bristol, Danville, Richmond, Norfolk, and Portsmouth.
All five of these cities met specific criteria, with much of it based on recent unemployment levels and total revenue. These casino projects would bring new jobs to each city and would also allow for sports betting to be offered.
Richmond was the only one of these cities to not vote on the issue on Tuesday, but a vote is scheduled for a later date. The other four cities did ask the question to their citizens, and all four of the referendums passed by a wide margin.
WynnBET Looking to Launch
WynnBET is not a big name in the sports betting industry yet, but that could change soon. WynnBET has applied for a sports betting license in Virginia, and it could begin offering bets as early as 2021.
This operator is a part of Wynn Resorts, and it has a partnership with NASCAR. WynnBet broadcasts several NASCAR events each year, and offering sports betting could help grow both groups.
There will be plenty of other operators applying for a sports betting license in Virginia, and it’s unclear if WynnBET will receive official approval.
Maryland, Louisiana Approve Sports Betting
Two other large states were looking to legalize sports betting on Election Day, and both states had little trouble doing just that. Maryland and Louisiana are now set to launch sports betting at some point in 2021 after the voters gave their overwhelming approval on Tuesday, November 3.
Lawmakers in Maryland still have to come up with laws to regulate the sports betting industry, but that could be done relatively quickly. Almost all of the parishes in Louisiana voted to legalize sports betting, and the industry is expected to launch in early 2021.
The growth of the sports betting industry in 2020 was massive, but it could be even larger in 2020. Virginia, Louisiana, and Maryland will all look to have a successful and massive launch next year.