Sports betting is now live in Virginia, and another new sportsbook is set to launch. WynnBET is now the sixth sports betting operator in Virginia and could become one of the state’s most popular brands.
WynnBET is a product of Wynn Resorts, and this brand has seen tremendous growth throughout the United States in recent years. There is already a competitive market building in Virginia, but this is an operator that should compete.
WynnBET has agreed to a sports betting partnership with NASCAR, which should allow the operator to become popular in the state. Race tracks are expected to play a significant role in the Virginia sports betting industry moving forward.
Terrific Start in VA
The total sports betting handle during January in Virginia was $58.9 million. This number falls well short of some of the top sports betting markets, but it was viewed as an excellent start for the state.
The adjusted gross sports betting revenue was -$3.2 million, but that was due to sportsbooks offering big promotions during January. Virginia is looking to lower the current budget deficit with sports betting, and that should start to happen in the coming months.
Virginia also had just a handful of operators launch on the first day of legal sports betting, and that number has continued to grow since that time. That growth could allow Virginia to become one of the largest sports betting markets when fully operational.
Retail Options Coming in 2021
At this time, online sports betting is the only option in Virginia, but that is set to change by the end of 2021. New casinos are currently being built, and retail sportsbooks will be able to launch in these properties as well.
The cities of Bristol, Danville, Norfolk, Portsmouth, and Richmond, have all been approved for new casino projects, and they were selected based on economic numbers. Virginia lawmakers were hoping to provide these cities with some financial relief, and voters in each city approved a measure as well.
Once these projects are complete, it is expected that retail sports betting will help improve the entire Virginia sports betting numbers.
Can Cavaliers Defend NCAA Title?
It might seem like decades since the Virginia Cavaliers won the 2019 NCAA Championship, but they are still the reigning champions. Virginia has spent the entire season ranked in the Top 25, but they could be a team that misses out on the NCAA Tournament.
Virginia was forced to withdraw from the ACC Tournament after a positive COVID-19 test, and contact tracing has begun. The NCAA Selection Committee requires a team to have at least five healthy players to compete in March Madness, and it’s unclear how many players the Cavaliers will have left.
Virginia is currently listed at +2800 to win the NCAA Tournament, and they aren’t even close to being considered a favorite. The Cavaliers will be in the announced field on Sunday, but their status moving forward has yet to be determined.