Virginia Sports Betting Handle Exceeds $265 Million in FebruaryPublished April 14, 2021 by Elana K
According to the Virginia Lottery, the state posted a $265 handle for sports betting in February 2021, the first full month of legalized sports betting.
Virginia posted a $265 handle for sports betting in February 2021, the first full month of legalized sports betting in the state, according to the Virginia Lottery. The Super Bowl alone contributed about $20 million in bets to the month’s total handle.
Virginia sports betting launched in mid-January 2021 and generated $58 million in bets in just 11 days. Virginia stands out from other states with its mobile-only betting options, and even without land-based options, its first full month showed a similar handle to other states. There are no land-based casinos in the state, but that may change after voters approved the building of casinos in several cities.
Virginia’s Sports Betting Quandary
Operators took in about $12.2 million in gross gaming revenue but paid out about $13.2 million in promotional offers, leaving a total deficit of $3.2 million. Only 1 of Virginia’s 5 operators posted a positive adjusted gross gaming revenue, which led to a tax payout of about $300 thousand. The Virginia Lottery didn’t disclose which one. Because it's only the beginning of legal sports betting in the state, operators are expected to lessen the number of promotions as the months go on.
Virginia’s sports betting operators include William Hill, FanDuel, DraftKings, BetMGM, and BetRivers. Several others were approved for licenses in March, including WynnBet, the Golden Nugget, Bally Bets, and Barstool Sportsbook. As the regulations stand now, there is potential for up to 17 sportsbooks in the state. Operators are taxed at a rate of 15%