Virginia is set to welcome the latest operator to its online sportsbook line-up, with the Kindred Group’s Unibet Online Sportsbook being approved for a state online sports wagering license by the gaming regulator, the Virginia Lottery.
The addition of Virginia to its gaggle on legal online states for the Unibet Sportsbook will, said parent company, the Kindred Group, offer its customers in the Old Dominion State a “first-class online sportsbook experience” and a decided shift in their current online sportsbook providers.
After successful launches already in Pennsylvania, New Jersey and Indiana along with a collection of signed agreements for an additional eight states and jurisdictions, Kindred is of the belief that Virginia will be a key factor in Unibet’s expansion along the East Coast. As one of the largest states in the U.S online sports wagering market, analysts and financial experts understand that Virginia is expected to reach more than $370 million in revenue generation per annum.
Manuel Stan, Kindred Group’s USA Senior Vice President, remarked: “We are excited to add Virginia to the growing list of states that Unibet and Kindred Group call home as we continue our expansion in the US market. Our aim is to go live shortly and we expect that the success we have seen in New Jersey, Pennsylvania and Indiana will of course follow in Virginia.”
He went on to say: “We are very grateful to the Virginia Lottery for awarding us one of the seven stand-alone mobile sports betting permits in a very competitive process. We look forward to opening an office in Virginia, which will function as our third hub together with our offices in New York and New Jersey. We are thrilled to continue our journey in what we believe will become the largest gambling market in the world.”
Kindred Group concluded its statement on the upcoming Virginia launch by saying that it will continue to invest in growing its U.S operations in legal online states that grant the operator its best chance of supporting a sustainable and long-term business model.
Virginia Sports Betting to date
Virginia is seen by industry experts as one of the more exciting legal sports betting jurisdictions with huge potential for growth. Virginia is 12th in the nation in terms of their population with 8.6 million residents and with Washington DC’s 4 professional sports franchises on their doorstep, there is a plethora of sports betting fans in the state.
Eventually, the Commonwealth of Virginia will have as many as have 12 online sports betting licensees operating in the state. Unibet will be #7 to launch with five more seemingly set aside for companies that will partner with the brick-and-mortar retail facilities that have yet to be built (and scheduled to open in 2022).
Since the launch of legalized online sports betting in the Commonwealth of Virginia in January until the end of March, online sportsbooks reportedly took in $628.7 million in wagers, and thanks to Virginia’s aggressive 15% tax rate, state and local coffers have collected $1.5 million in tax contributions for the state education, services and infrastructure projects.
When Will Unibet be Available in Virginia?
To date, Virginia has surprised with its online sportsbook launches, with both FanDuel and DraftKings going live without any warning in January. What that means for Unibet is anyone’s guess, it could be a matter of days to a month or two. We’re expecting to be a matter of anytime in the next week or two, given the previous experiences.
We anticipate that Unibet should be live and open for business prior to other online sportsbooks also given Virginia market approval. Expect Unibet to be live before Barstool Sportsbook, Bally’s and the Golden Nugget also launch this summer.