BlueBet revealed today that it withdrew its application for a sports wagering license in Virginia. The company acknowledged that the local regulator said that it wasn’t eligible for a permit, mainly because of a lack of experience in other US states. However, BlueBet can reapply at a later period for a license in Virginia and will concentrate on other key US states.
BlueBet Withdraws Virginia Sports Wagering Permit Application
Online wagering provider BlueBet Holdings Ltd announced that it has withdrawn its application for a sports betting permit in Virginia. In an update released today, the company said that it withdrew its application on advice from the regulator. As a result, the operator will receive a refund on all application fees.
The Virginia Lottery told BlueBet that it was deemed ineligible for a permit. This was mainly because the regulator sought to approve candidates that already have existing experience within other US jurisdictions. Additionally, a successful candidate should also “have equity interest owned by Minority individuals or Minority-owned businesses,” explained BlueBet.
For the five available permits, the regulator in Virginia received a total of 18 applications. Although the current application withdrawal puts the current effort on hold for the moment, BlueBet will not be restricted from reapplying again in the future. With that in mind, the operator deemed the license application process “exhaustive.“
The Company Remains Focused on Growing in the US
Besides Virginia, BlueBet tried to access the sports betting market in Arizona last month but did not succeed. On the bright side, the company remains focused on other key states. With that in mind, BlueBet’s first market entry was in Iowa. The operator received its sports betting license back in July this year. Now, despite the minor setback in Virginia, BlueBet said that it continues to target Colorado, Maryland, as well as Tennessee.
Additionally, the company said that it is keeping an eye on ten other US states where sports wagering is legalized, but where it is yet to launch. BlueBet explained that those states are “all being reviewed and assessed against BlueBet’s entry criteria including the timing of taking first bets post Quarter 3 FY22.”
While sports wagering is legal and live within 23 US states, as well as DC, BlueBet said that industry observers predict the number to jump to 40 states by 2023. Understanding the endless possibilities for growth in the regulated market, the company said that it “sees considerable scope to complement its license in Iowa.“