4 reasons sports betting has gained popularity in Virginia
Published 4:00 pm Monday, December 11, 2023
Sports betting isn’t just undergoing a boom with America, as multiple countries have reported a significant user increase over the last decade. Although our focus will center on Virginia today, many general variables have been driving popularity in global betting markets. Many of these variables apply to localized markets such as Virginia too.
Perhaps what is so unique about sports betting in Virginia is that it is the largest state in the USA that doesn’t have a major professional sports team. As a result, the behavior and sports betting culture within the state isn’t driven by a high-profile sports team, so bettors have a wider variety of sports they enjoy. Since there’s no fandom or overzealous support that tips the scales one way or another, sports betting providers can provide a more general market that caters to live sports viewing figures instead of offering derivative markets on a specific team or franchise.
1. Adaptable, broad sports betting markets
While there might be general components to consider, the rise of global sports gambling has enabled several niche sports to appeal to millions of fresh potential bettors. While there is no definitive evidence regarding the most popular sports in Virginia, there’s no denying that a cluster of sports has a much bigger draw. There’s a direct relationship between how many people watch sports and how many bettors there are.
While sports betting in England might focus on their dominant sport, soccer, as the market isn’t as popular in Virginia, there is far less betting activity on it than sports such as baseball, football and basketball. On a state-by-state basis, Virginian bettors watch a lot more golf than other locations within the US. Again, this is reflected in the sports betting markets in Virginia. More importantly, given that the market now has the most prominent sports betting companies all competing against each other, there are thousands of deep, specific, general and niche sports betting markets for Virginia bettors to sink their teeth into.
2. The emergence of online betting
Betting has been popular for a long while. Even before the internet, gambling companies attracted bettors on a global scale. However, the emergence of the internet has changed so much of our lives, and the gambling industry is one global business that has both benefited and transformed due to this marvelous invention. Instead of monopolizing local markets, the internet has pitted the top names in the industry against each other head-to-head within a 24/7 digital market.
As all these companies face off against each other to try and gain your patronage, they’re not just looking for you to use their platform; they’re trying to appeal to as many bettors as possible. Online betting hasn’t just stimulated such ferocious rivalry between companies in the industry, but it has also resulted in entirely new markets that did not exist before the internet. Derivative markets, such as being able to bet on teams during the game, is an advance that has bolstered the popularity of such markets in places like Virginia. In addition, online betting has fueled the rise of cash-out betting, where you can cash out of your bet mid-game. It’s this flexibility and being able to do it all from your laptop or mobile device at home that has continued to drive the momentum behind its growing popularity.
3. Mobile app technology
As we touched on briefly in the previous section, mobile app technology has added a new dimension to the gambling world. The landscape of how businesses structure their strategies and approach to design and advertising is a mobile-app-driven premise. It’s a testament to how much the sector works cyclically as better technology drives more people to use the service, the increased popularity drives profit, and this profit is cycled back into more research and development.
The underlying proof that this is driving vibrant and bustling movements among Virginia bettors stems from the success of subsidiary markets. For instance, the total market value of companies that design and create the gaming software that many bettors in Virginia use is anticipated to surpass $300bn within the next decade.
Mobile app betting also provides a convenient platform for bettors. You can gamble on the move, keep up to date with the game and cash out before they have finished. As more betting companies generate colossal profits and aim to provide the most convenient experience for their customers, there’s a rich reward for companies that can design technology that attracts more customers.
4. A more extensive, national gambling culture
As millions more Americans gain access to legal gambling, individual states like Virginia are reaping the benefits from a more expansive, favorable approach to managed sports betting companies. For instance, Florida has recently become the 37th state to legalize online gambling, and it is one of the biggest states that has passed this legislation in the last 10 years.
Like Virginia, Florida has a strong sporting culture that will inevitably shape the betting landscape as it takes shape over the next year or two. Alongside this shift, more companies are looking to provide services to millions more Americans a year, which has created a new culture where sports betting is seen as more acceptable and perhaps less taboo than it would have been 20 years ago when few states permitted gambling.
Despite the general points we have raised today, many sports betting markets rely on the local sporting culture. By correlating so strongly with the sporting culture within that state, betting companies can tailor their approach accordingly.
As more bettors in Virginia become accustomed to how sports betting markets and apps work, it’s likely that this growing penchant for placing a sports wager will continue to grow. By supplementing the sports viewing behavior of thousands of potential bettors in Virginia who enjoy placing a bet while watching sports, there’s no reason these markets shouldn’t continue to thrive throughout the course of this decade and beyond.