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Update: BetMGM will launch its Virginia online sports betting offering on January 27 after receiving licensing approval from the Virginia Lottery on January 24.The fourth operator to go live will be Rush Street Interactive’s BetRivers on January 28.
Two to choose from
DraftKings is now the second operator to enter Virginia’s sports betting market, joining FanDuel in the Old Dominion State. Meanwhile, BetMGM could soon follow after receiving approval for its own Virginia sports betting license.
DraftKings announced the launch of its Virginia sportsbook on Saturday, saying it is offering betting on professional and collegiate sports. It took to Twitter the following day to share the news:
DraftKings Sportsbook launches in Michigan with a host of odds boosts Michigan sports betting is live and DraftKings Sportsbook is offering promotions. By David Fucillo January 22 DraftKings Playbook. .Reward tiers are as follows: $3, $10, $100 and $500 are awarded as site credits and can only be used on DraftKings. $1,000, $10,000 & $25,000 are issued.
The Virginia Lottery website subsequently listed the operator on its approved license holders list with a “temporary permit”.
Just in time for Super Bowl LV”
In a company statement, Jason Robins, co-founder and CEO of DraftKings, expressed his excitement at launching before the Super Bowl, which kicks off on February 7. “Just in time for Super Bowl LV, we are thrilled to bring the DraftKings sports betting experience to Virginia with an abundance of betting options for fans,” he commented.
The Virginia Lottery has also listed BetMGM, the joint venture between MGM Resorts and Entain, as an approved sports betting permit holder. Like DraftKings, the operator appeared on the Lottery’s approved permits list on Sunday. BetMGM has not yet announced when it will launch in the state.
Virginia’s market takes shape
Last Thursday, FanDuel became the first sports betting operator to launch its sportsbook in Virginia. The operator utilized its partnership with the Virginia-based Washington Football Team to acquire the state’s first license. Virginia gaming regulation stipulates that any major league sports franchise will receive “substantial and preferred consideration” for license approval.
Although only FanDuel, DraftKings and BetMGM currently hold sports betting permits for Virginia, other operators could follow soon. In November last year, the Virginia Lottery announced it was reviewing a total of 25 applications for mobile sports betting licenses. However, in accordance with Virginia law, the regulator can only approve a total of 12.
PointsBet and Wynn Resorts have both expressed an interest in launching sportsbooks in the state. However, the Virginia Lottery has refused to name license applicants.
DraftKings’ sports betting expansion
Including Virginia, DraftKings’ sportsbook is now live in 12 states. Four of these launches occurred last year, including Colorado, Illinois, Iowa, and Tennessee. The sports betting operator was able to capitalize on this wide-ranging customer base in 2020, seeing year-on-year revenue growth throughout.
generated revenue of $133m in Q3 2020, an increase of 98%
In DraftKings’ most recent trading update, the operator generated revenue of $133m in Q3 2020, an increase of 98% in comparison with 2019 levels. CEO Robins attributed the success in part to the resumption of major leagues such as the NBA, MLB, and NHL, saying they “generated tremendous customer engagement” resulting in a 64% increase in monthly unique payers. For each month in Q3, the number of unique depositing customers engaging with the DraftKings app surpassed one million.
The sportsbook operator has made clear its intentions for further expansion in 2021. In addition to its Virginia launch, DraftKings has already added Michigan to its list of active states this year. It went live with its sportsbook and online casino app in the Great Lakes State last Friday.
Arrival of Top-Rated Digital Sportsbook in Old Dominion Marks Company’s Twelfth State Launch
BOSTON—Jan. 24, 2021—DraftKings Inc. (Nasdaq: DKNG) today announced the launch of DraftKings Sportsbook in Virginia, marking the 12th state in which the top rated mobile and online sportsbook is available. Customers in Virginia will now be able to place bets on a number of markets across professional and collegiate sports using the DraftKings made-in-America digital sportsbook app.
“Just in time for Super Bowl LV, we are thrilled to bring the DraftKings sports betting experience to Virginia with an abundance of betting options for fans,” said Jason Robins, co-founder and CEO, DraftKings. “With our customer-first approach, we hope to be the sportsbook of choice for Virginians who enjoy having skin in the game.”
Ahead of Super Bowl LV, DraftKings is offering all customers a Double Your Money opportunity on any team to score a touchdown. Beyond Super Bowl LV, the cutting-edge mobile technology of DraftKings Sportsbook will provide sports bettors in the Commonwealth of Virginia the opportunity to bet on more than 250 unique leagues including popular professional sports: baseball, football, golf, hockey, boxing, soccer, tennis, motorsports and basketball. Collegiate sports are also available, with the exception of in-state college teams and college prop bets. DraftKings Sportsbook technology keeps consumer information safe and secure and provides built-in responsible gaming measures like time and deposit limits.
A consumer research study by DraftKings indicated that Virginia sports fans are most likely to bet on the NFL, followed by the NBA and college football. That same study found the Washington Football Team and the Dallas Cowboys are the two most favored NFL teams in Virginia, while the LA Lakers, Chicago Bulls, and Washington Wizards are the most popular NBA teams. Prior to Sunday’s NFL Conference Championship games, DraftKings is offering all customers an additional Double Your Money opportunity by betting on any of the four teams playing to score a touchdown.
DraftKings’ sportsbook and daily fantasy products are available via iOS and Android here.
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About DraftKings
Draftkings Live On Desktop
DraftKings Inc. (Nasdaq: DKNG) is a digital sports entertainment and gaming company created to fuel the competitive spirit of sports fans with products that range across daily fantasy, regulated gaming and digital media. Headquartered in Boston, and launched in 2012 by Jason Robins, Matt Kalish and Paul Liberman, DraftKings is the only U.S.-based vertically integrated sports betting operator. DraftKings is a multi-channel provider of sports betting and gaming technologies, powering sports and gaming entertainment for 50+ operators in 17 countries. DraftKings’ Sportsbook is live with mobile and/or retail betting operations in the United States pursuant to regulations in Colorado, Illinois, Indiana, Iowa, Michigan, Mississippi, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, Tennessee, Virginia and West Virginia. DraftKings’ daily fantasy sports product is available in 8 countries internationally with 15 distinct sports categories. DraftKings is the official daily fantasy partner of the NFL, MLB, NASCAR and the PGA TOUR as well as an authorized gaming operator of the NBA and MLB and an official betting operator of the PGA TOUR.
FORWARD-LOOKING STATEMENTS
Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside DraftKings’ control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see DraftKings’ Securities and Exchange Commission filings. DraftKings does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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