Next VA sports betting license awarded to Unibet, more to come
Old Dominion is finally in double digits for betting licenses than the state lottery has 10. VA Sports betting license.
The Virginia Lottery posted a Unibet temporary license approval on its website Thursdayeven though the approval date was technical Wednesday. Unibet’s parent company relationship sent a press release on Thursday confirming the license.
“We are excited to add Virginia to the growing list of states that Unibet and Kindred Group are based in as we continue our expansion into the US market,” said Kindred, senior vice president of US Manuel Stan said. “Our goal is to go live soon, and we expect the success we’ve seen in New Jersey, Pennsylvania and Indiana to naturally follow suit in Virginia.”
When asked what “short” means, Stan told LSR:
“Although we haven’t publicly announced an exact date yet, we are confident that we will be able to provide a date shortly – definitely a matter of days rather than months.”
That would be faster than the three other VA sportsbooks that are currently waiting to be launched. Ballys, Bar stool sports betting and Golden nugget Everyone could focus on summer starts.
Further licenses for VA sports betting will follow
Unibet’s standalone license could have been the last if the legislation hadn’t expanded the market this year.
Kindred took that seventh stand-alone mobile license in the state. The other five would have been kept for the state’s eventual casino affiliates, although this was not intended. Legislation from both chambers quickly addressed a shortcoming in last year’s law, essentially adding five more licenses to the market.
Applications for these licenses are made between May 15 and 31announced the Virginia Lottery on Wednesday. However, there is no guarantee that the lottery will award all five. Executive Director of the Lottery Kevin Hall can issue as many standalone licenses – up to 12th total – as he believes, creates the best economic return for Virginia.
Hall said on Wednesday that conversations with prospects have already resumed:
“We are currently in active discussions with several applicants who voluntarily withdrew their applications when we started bumping into the cap.”
Unibet will have some catching up to do
The Virginia Lottery first released some data on VA sports betting on Wednesday. Based on the numbers, Unibet cut its work out to gain market share.
FanDuel Sports Betting is the top operator by hand by March based on preliminary results with 53% Market share. The next operator, DraftKings Sports Betting, Holds a 24% Handle share. BetMGM and William Hill are an even more distant third and fourth with 14% and 8th% Shares each.
It may also not be that easy to spend promo dollars to get interest. William Hill, for example, was responsible 20% of $ 30 million in promos previously offered on the market.