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Although esports is not particularly new, it’s a far cry from the niche industry it once was. 

Between 2018 and 2022 alone, the US esports landscape saw its revenue increase over fourfold. Market analytics and data provider Statista estimates that this means esports is bound to exceed $1.5 billion in annual revenue in 2028. One of the most lucrative sectors of this landscape currently happens to be esports betting. 

As of 2024, revenue from this in the US is estimated to be around $700 million. This puts the American market ahead of every other in the global esports betting scene. To date, studies reveal that this avenue is set to grow even more rapidly, with a compound annual growth rate (CAGR) of almost 10% until 2029. This means that any state where esports is legal is poised to reap the benefits of this.

While esports betting is not yet legal across the country, Virginia is among those where it is. This is because it’s considered part of “general sports events.” 

As such, it stands to reason that Virginia is in a prime position to take advantage of its growth, especially since there is already existing infrastructure and related operations that can support this.

Virginia’s betting and esports landscape

For starters, Virginia is known for championing esports as a whole. Currently, the state is known for hosting multiple esports-related camps and championships. For instance, the Virginia Diverse Chamber of Commerce boasts its own gaming league that aims to help local players and teams carve out a space in the wider esports field. Through this, there is a hope that locally-based gaming entities can gain more experience and exposure. In the long run, this can help them better prepare for bigger competitions and future relationships with sponsors and partners while also bringing pride and recognition to the supportive Virginian esports ecosystem.

Similarly, sports betting is also a celebrated avenue in Virginia, with respected companies like DraftKings and BetMGM operating in the state. Because of the legality of the activity, coupled with the state’s strong sports fandom, sports betting here is among the most successful nationwide. Throughout the year, local research has reflected the state’s continuously rising activity. For instance, per the Virginia Lottery, an independent agency of the Commonwealth of Virginia created in 1988, August numbers indicate a 30.6% year-over-year jump in the state’s handle. This is compared to rates from the same time last year. Moreover, September saw bettors wage more than $622 million just in that month. This highlights how both local operators and Virginians are keen to take part in betting across the board.

Why the state is primed to be an esports betting hotspot

Outside of positive local attitudes, the state also has the benefit of having the necessary access to esports betting essentials. Most notably, trusted esports betting platforms are readily available to Virginians. This includes Thunderpick, which is a leading crypto-only platform for esports betting. Built by gamers for gamers, the site includes the best coverage and odds on numerous esports matchups. This includes those that fall under big games like CS: Go, Valorant, and League of Legends. Offering fast, fee-free payments and a welcome deposit bonus of up to 100%, this platform ensures that bettors can minimize risk and optimize their chances of success. This helps encourage further participation, especially among Virginians who are already familiar with the concept of online bets.

In addition, Virginia also has some of the most well-established Internet access. This is good news given that esports and esports betting are usually facilitated online and remotely, so having stable Internet access is absolutely necessary. Otherwise, bettors are unlikely to be able to keep up with rapid real-time changes that may influence how well their betting outcomes are. Slow Internet speeds can also affect how timely deposits and withdrawals are made, meaning the act of esports betting may not even be as lucrative. Over the past several years, local public offices have made an effort to make being online more accessible across the state. This includes more rural communities that are typically left out of most Internet grids. 

For instance, in 2022, rural Tidewater residents, businesses, and community organizations saw an expansion of broadband services. A $35 million initiative, this project was backed by Virginia’s Department of Housing and Community Development in cooperation with telecom parties that provided private investments. With this strengthened connectivity, it therefore makes it easy for more Virginians and operators to be active participants in the exciting esports betting space. 

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