Virginia gaming regulators approved Bally’s Corp. to operate online sports betting in the state where the casino company hopes to win a competitive bid for a casino resort in the city of Richmond.
In a statement Tuesday, Bally’s said Virginia becomes the 13th state where it has been licensed to operate sports betting since announcing last year it planned to create an omnichannel interactive betting division through its $125 million acquisition of sports betting platform Bet.Works and its partnership with media giant Sinclair Broadcast Group.
Virginia is currently an online-only sports betting market.
In February, Bally’s proposed building a $650 million hotel-casino development in Richmond, touting the growing company’s expanding player database and emerging sports betting business. At least six gaming operators have submitted bids for the Richmond market.
Richmond was one of five cities Virginia lawmakers approved for casino expansion a year ago, requiring the communities to designate an operating partner and receive a favorable vote from its residents.
Last November, voters in four Virginia cities overwhelmingly approved gaming referendums in their communities.
All four cities had lined up casino operating partners: Bristol with Hard Rock International, Danville with Caesars Entertainment, Portsmouth with Rush Street Gaming, and Norfolk with the Pamunkey Indian Tribe.
On Thursday, the Nevada Gaming Commission will consider the licensing request for Rhode Island-based Bally’s acquisition of the operations of MontBleu Resort in Lake Tahoe. The state’s Gaming Control Board recommended approval of the transaction earlier this month.
Bally’s has been on an acquisition streak for much of the last 18 months, now operating 11 casinos in seven states. Through pending deals, the company expects to have 15 casinos in 11 states by next year.
Shares of Bally’s, traded on the New York Stock Exchange, closed Tuesday at $69.38, down $3.23 or 4.45%.
Howard Stutz is the executive editor of CDC Gaming. He can be reached at hstutz@cdcgaming.com. Follow @howardstutz on Twitter.
