The state of Virginia launched its sports betting industry back in January of 2021. It appears this industry is already proving to be a huge success here. New reports indicate Virginia’s sports betting revenue has surged massively throughout the first five months of 2021.
It’s great news for the sports betting operators here. This state is also benefiting greatly from this industry in the form of taxes. Today, we’re going to talk about just how much sports betting revenue has come here this year.
Let’s get into it!
More States Consider Legalizing Sports Betting in 2021
It’s only been a few years since states other than Nevada have been able to legalize and regulate sports betting. Incredibly, more than half the country has already approved legislation to allow sports gambling. This industry is simply too profitable and popular for states to ignore.
The country’s major sports gambling hubs such as New Jersey and Illinois are earning an incredible amount of revenue from this industry. New Jersey brought in nearly $750 million in revenue from its sports betting operators in April. It seems likely that even more was earned in May.
The United States is now home to the largest sports betting market in the world. Several major European-based sports betting operators are now doing what they can to break into this new market. This trend will continue as more states approve sports betting bills.
Virginia is one state already allowing this popular form of gambling. It appears this industry is already highly successful here, as well.
Virginia’s Sports Betting Revenue Numbers Grow Throughout 2021
Not long after PASPA was removed in 2018, lawmakers in Virginia began taking a close look at the legalization of sports betting. Initially, there was pushback from some lawmakers that disagreed with the tax bracket set in place for this industry. Finally, in January of 2021, the state’s first sportsbooks went live.
As of now, the state is not bringing in a huge amount of money via taxes from this industry. That is likely to change as time goes on. Several sports betting operators here have been able to write off much of their taxes due to marketing efforts, yet that strategy will only last for so long.
Analysts project annual tax revenue of around $55 million for the state in the near future. That is more likely as the state soon plans to license more sports betting operators. It’s clear that Virginia now has one of the hottest new sports gambling markets in the country.
Things are moving along well here and that seems unlikely to slow down anytime soon. Virginia’s success may even spur more states to look into this industry. We’ll be sure to offer more updates on the revenue figures here over the next few months.
The US casino industry is bouncing back in a big way right now, too. Let’s take a quick look at how different land-based casinos are faring around the country.
US Casino Hubs Report Growing Revenue Figures
The US sports betting industry is growing rapidly right now. It may not be long before every state around the country has a regulated sports betting industry set in place. Revenue from this industry will continue to increase as the year goes on.
The US casino industry is improving rapidly throughout 2021, as well. Most of the major US casino hubs are now operating restriction-free. That includes Las Vegas, which is now seeing pre-pandemic levels of tourism.
This city was devastated by the events that unfolded throughout 2020. Things have been steadily improving this year, however, and most analysts expect to see a major surge of revenue over the summer months.
Atlantic City is also beginning to recover, too. This city is considered the biggest gambling destination on the East Coast. Many of the casino-resorts here have recently undergone renovations in anticipation of a summer tourism boom.
It’s a great time for the entire US gambling industry. Some incredible new casinos are opening in different states this year. Hopefully, we see several more states approve sports betting legislation before the end of 2021, as well.
Are you surprised to see Virginia’s sports betting revenue increase so quickly? Let us know in the comments section below!
A longtime sports and gambling enthusiast, Kevin looks to present up-to-date and reliable information for readers. If he’s not writing, he’s probably watching MMA or playing blackjack. ...
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