In this work, two different theoretical models for predicting the wind velocity downwind of an H-rotor vertical-axis wind turbine are presented. The first model uses mass conservation together with the momentum theory and assumes a top-hat distribution for the wind velocity deficit. The second model considers a two-dimensional Gaussian shape for the velocity defect and satisfies mass continuity and the momentum balance. Both approaches are consistent with the existing and widely-used theoretical wake models for horizontal-axis wind turbines and, thus, can be implemented in the current numerical codes utilized for optimization and real-time applications. To assess and compare the two proposed models, we use large eddy simulation as well as field measurement data of vertical-axis wind turbine wakes. The results show that, although both models are generally capable of predicting the velocity defect, the prediction from the Gaussian-based wake model is more accurate compared to the top-hat counterpart. This is mainly related to the consistency of the assumptions used in the Gaussian-based wake model with the physics of the turbulent wake development downwind of the turbine.