Though the Lottery did not disclose the identity of operators that put forward submissions, said the 25 applications were received between October 15 and 31.
A bill passed earlier this year states the Lottery must issue a minimum of four and maximum of 12 of the new licences.
The 12-permit cap does not apply to applications tied to certain major league sports franchises headquartered in or play at a facility located in Virginia. However, it does cover applications from casino gaming partners previously selected by the cities of Bristol, Danville, Norfolk, and Portsmouth.
The Lottery will consider a number of factor when reviewing the applications, including their past experience and success with sports betting in the US, their efforts to solicit minority investors and the number of new jobs and tax revenue they expect to generate in Virginia.