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March 05, 2021

FanDuel SportsBook has officially been approved for launch in the state

Virginia sports betting market goes live today

Virginia sports betting market goes live today
While it appears FanDuel might be first to market in Virginia, it’s fair to expect big competitors such as DraftKings, BetMGM, BetRivers, PointsBet, and others to be in the mix soon.
United States | 01/21/2021

Although the General Assembly legalized sports betting last year, it took some time to develop all the rules and regulations. To place bets on sporting events, fans must be 21 and must physically be in Virginia. Wagers on college teams and the Olympics are not allowed.

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anDuel SportsBook officials announced in a tweet on  Wednesday that it was going live in Virginia on January 21.

Officials with the Virginia Lottery had said earlier this month that their goal was to launch a sports wagering market in the state before the upcoming Super Bowl, News 3 reports.

Although the General Assembly legalized sports betting last year, it took some time to develop all the rules and regulations. To place bets on sporting events, fans must be 21 and must physically be in Virginia. Wagers on college teams and the Olympics are not allowed.

Bettors can place pregame and in-game wagers during pro sports games, but only pregame bets for college teams.

There has been no word on whether other sportsbooks will be joining FanDuel in launching in Virginia, a notable difference from Michigan, which is also set to go live this week and has publicly announced approvals for 15 sportsbooks, 10 of which will start accepting bets Friday at noon ET, the Action Network reports.

While it appears FanDuel might be first to market in Virginia, it’s fair to expect big competitors such as DraftKings, BetMGM, BetRivers, PointsBet, and others to be in the mix soon. BetRivers notably already has a casino partnership in the state.

Virginia has reasonable fees and a favorable tax rate (15%), which should encourage operators to enter the competitive field. It’s fair to expect most major sportsbooks in the U.S. to seek regulator approval as soon as possible.

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