The company’s arrival comes at an intriguing time, just before the NFL season kicks off, but the official launch in Virginia is slated for October. Positioned as a prime sports betting market due to its proximity to Washington, D.C., Virginia ranked ninth in the nation with a $415.4 million betting handle in June, notably outpacing neighboring North Carolina by $15 million.
Sporttrade’s business model is distinct — operating more like a stock market for sports bettors, enabling users to trade in and out of positions during games. This flexibility offers a unique alternative to the conventional Virginia sportsbook experience.
Sporttrade CEO Alex Kane emphasized Virginia’s strategic appeal, stating that the state ranks highly on the company’s
“Sporttrade Economic Rating,”
even surpassing states like Massachusetts and Ohio, which typically have larger betting handles.
“Virginia is just a no-brainer state for us,”
Kane told Action Network, highlighting the potential for growth in this market.
With several competitors like WynnBET, Unibet, SI Sportsbook, and Betway recently withdrawing from Virginia, Sporttrade enters with a second-mover advantage. The company also plans to differentiate itself through competitive pricing, with Kane noting, for instance, that Sporttrade offered better odds on the Eagles at -135 compared to -140 at other major sportsbooks.
A recent amendment in Virginia further positions newcomers like Sporttrade for success. The amendment limits the tax deductions sportsbooks can claim for bonuses and promotions to their first 12 months of operation, effectively raising the tax burden for established players like FanDuel, DraftKings, and BetMGM.
Kane projects a 40% increase in tax rates for these established operators, giving newcomers an edge in navigating the market’s cost structure.
Casino Revenue Soars with New Records
Virginia’s burgeoning gaming industry is not only seeing expansion in sports betting but also notable success in casino revenue. The Bristol Casino, soon to be home to Hard Rock, achieved its second-best revenue month ever in August, recording an adjusted gross revenue (AGR) of $15.9 million.
This achievement was only surpassed by the casino’s March 2024 performance, where AGR reached roughly $16.3 million. Notably, August set a record for slot machine income, which contributed $13.3 million to the total AGR, solidifying slots as the driving force behind the casino’s performance.
Through the first four months of the current fiscal year, Bristol Casino’s revenues have surpassed $55.7 million, approximately 1% ahead of the same period in 2023. Virginia’s three operating casinos — Bristol, Rivers Casino Portsmouth, and Caesars Virginia — combined for over $60.1 million in AGR for August, underscoring the growing impact of brick-and-mortar gaming on the state’s economy.
This translates into substantial contributions to local communities, with nearly $1 million from Bristol alone directed to the Regional Improvement Commission (RIC), which supports infrastructure, education, and safety improvements in Southwest Virginia.
Rivers Casino Portsmouth and Caesars Virginia also reported strong August results, generating $26.4 million and $19.7 million in total revenue, respectively. Slot machines continued to be the leading source of income across all three casinos, further emphasizing their significance in Virginia’s gaming sector.
