Kindred Group Receives Virginia Mobile Sports Betting License
Virginia Lottery handed Kindred Group through its US subsidiary, Unibet Interactive, an online sports betting license. This means the betting brand will have direct access to the Virginia sports betting market after already securing licenses in New Jersey, Pennsylvania, and Indiana. It’s also signed partnerships with eight more states.
Quality Sports Betting in Virginia
After Virginia Lottery’s move to award Unibet with a sports betting green light, players in Virginia can look forward to quality sports betting. Virginia is among the largest states by size in the United States. According to analysts and market experts, revenues generated from mobile sports betting are expected to peak at over $370 million.
Manuel Stan who is Kindred Group’s SVP USA said that the company’s focus is to launch its services as soon as possible. He also expressed hope that the company will experience success as seen in Indiana, Pennsylvania, and New Jersey.
The Kindred Group SVP also thanked the regulator for awarding Unibet a sports betting license. Before receiving the green light, only seven permits were remaining. Mr. Stan also hinted at opening an office in the state, which will become the company’s third hub after New Jersey and New York.
Expanding its US Presence
Kindred Group is following in the footsteps of many other gambling operators. That is to expand its reach in the United States as more states continue to legalize sports betting. Unibet has already established its presence in key US states. These include New Jersey and Pennsylvania where it offers an online casino and sportsbook. Then there’s Indiana where it offers an online sportsbook.
The launch in Virginia will be its 4th, with another eight states in the pipeline. Arizona and California are the latest on the list. The states are yet to legalize sports betting but Unibet and the Quechan Tribe of the Fort Yuma Indian Reservation signed a ten-year deal. The deal was to secure early market access for retail and mobile sports betting in California and Arizona.
Unibet has already committed to investing in the US in a bid to grow its operations. However, the company was keen to note that the expansion will be in markets that offer sustainable and favorable business models. Responsible gaming is also at the core of its investments and expansions. This is evidenced by its Gamban self-exclusion software, which is the first of its kind by a US betting operator. This software can block gambling sites on any device.
Growing Virginia Sports Betting Market
Virginia launched online sports betting on January 21, 2021. At the close of March, gamblers had placed bets worth $628.7m. The state’s regulator didn’t disclose how much sportsbooks raked in. However, at the 15% tax rate levied on sportsbook revenues, the state collected around $1.5m during that period. During the same period, betting companies spent at least $30m in marketing.
FanDuel leads in market share at 53% since it was the first operator to offer sports betting in Virginia. DraftKings and BetMGM follow with 24% and 14% respectively. Other operators offering betting services include WynnBET, BetRivers, and William Hill. Penn Sports Interactive, Golden Nugget Online, Bally’s Corporation, and Unibet Interactive are the other operators cleared to launch.
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