Virginia Becomes Fastest State To Reach $2B In Sports Betting Handle
Virginia sports betting operators had a remarkable month in October 2021, breaking multiple records.
Virginia broke its previous monthly sports betting handle record, establishing a new benchmark. Furthermore, it achieved the remarkable feat of becoming the quickest state in the United States to reach $2 billion in total sports wagers.
On Wednesday, the Virginia Lottery, responsible for regulating sports betting in VA, published its most recent monthly report on sports betting revenue.
In October 2021, Virginia recorded an impressive $427.3 million in sports bets, experiencing a significant 45% month-over-month surge. This surge was primarily driven by the five weekends of NFL and NCAA football, along with other notable sports events.
October 2021 a record-breaker for VA sportsbooks
FanDuel kickstarted the VA sports-betting market on Jan. 21 as the first operator to make its debut. By the beginning of March, a total of six operators had joined in, just in time for the NCAA men’s basketball tournament.
Virginia bettors set a new record in March with $304.1 million in wagers, fueled by the excitement of March Madness betting.
Following the typically sluggish summer period, the VA sports betting market experienced a resurgence as football made its comeback and new operators entered the scene this autumn. In August, Virginia sports bettors placed bets worth $182.4 million, which then increased to $293.9 million in September. This brought the overall Virginia betting total to $1.97 billion at that time.
The March record has finally been surpassed with the latest October 2021 numbers. October’s official total of $427,320,306.07 exceeded March’s previous record by a staggering 39%, equivalent to $125 million.
| Month | Handle | GGR | Hold % | Promos | Other deductions | AGR | Taxes |
|---|---|---|---|---|---|---|---|
| February 2024 | $401,889,135 | $27,498,133 | 6.8% | $15,816,234 | $3,797,649 | $7,884,250 | $7,884,250 |
| January 2024 | $485,544,417 | $39,050,067 | 8.0% | $16,850,981 | $3,978,519 | $18,220,567 | $2,876,609 |
| December 2021 | $426,596,891 | $31,515,015 | 7.4% | $17,051,709 | $4,339,908 | $10,123,398 | $1,729,130 |
| November 2021 | $402,621,132 | $48,337,037 | 12.0% | $14,993,073 | $3,417,267 | $29,926,697 | $4,233,167 |
| October 2021 | $427,320,306 | $30,160,385 | 7.1% | $15,805,261 | $4,569,424 | $9,785,700 | $1,746,204 |
| September 2021 | $293,851,531 | $30,929,243 | 10.5% | $17,422,068 | $3,172,781 | $10,334,395 | $1,557,498 |
| August 2021 | $182,418,252 | $17,967,427 | 9.9% | $6,868,639 | $2,410,724 | $8,688,064 | $1,378,539 |
| July 2021 | $161,901,955 | $19,965,556 | 12.3% | $4,375,872 | $2,898,664 | $12,691,020 | $1,864,433 |
| June 2021 | $234,943,435 | $22,006,296 | 9.4% | $4,983,544 | $2,125,855 | $14,896,898 | $2,273,995 |
| May 2021 | $226,963,573 | $23,173,549 | 10.2% | $5,168,732 | $2,341,616 | $15,663,201 | $2,381,115 |
| April 2021 | $236,432,523 | $19,442,317 | 8.2% | $5,529,294 | $2,532,886 | $11,380,137 | $1,652,147 |
| March 2021 | $304,066,245 | $26,573,877 | 8.7% | $10,340,533 | $2,388,332 | $13,845,012 | $1,183,487 |
| February 2021 | $265,778,306 | $12,238,730 | 4.6% | $13,187,560 | $2,282,972 | ($3,231,752) | $300,594 |
| January 2021 | $58,896,564 | $3,586,077 | 6.1% | $6,343,077 | $478,612 | ($3,235,612) | $39,710 |
| Total | $4,109,224,266 | $352,443,759 | 8.6% | $154,736,576 | $40,735,209 | $156,971,974 | $24,622,911 |
Due to an unusual occurrence in the 2021 calendar, the month of October presented a unique opportunity for five full weeks of football betting. Moreover, October was further enriched by the occurrence of the 2021 World Series, as well as the commencement of the 2021-22 NHL and NBA seasons.
In general, there was a 2.5% decline in October’s gross gaming revenue (GGR), which amounted to $30.2 million compared to the previous month’s record of $30.9 million in September 2021. After allocating $15.8 million towards promotional activities, the taxable revenue stood at $9.8 million, resulting in $1.7 million in state taxes.
In October 2021, operators collectively held a total of 7.1%.
Virginia eclipses New Jersey in race to $2B
Virginia has achieved the milestone of reaching $2 billion in total wagers between Jan. 21 and Oct. 31, clocking in at a faster rate than any other state, with a staggering $2,392,572,691.
Old Dominion achieved the milestone in just under nine months, surpassing the previous record set by New Jersey, which took approximately 10 months to reach $2 billion in wagers.
In June 2018, New Jersey introduced legal sports betting, following the notable overturning of the Professional and Amateur Sports Protection Act by the US Supreme Court.
Since that time, New Jersey has established itself as the dominant force in sports betting in the United States. Thus far, bettors in New Jersey have accumulated almost $20 billion in wagers.
Virginia is not expected to surpass New Jersey’s achievement of reaching $1 billion in wagers in a single month. Nonetheless, if Virginia manages to reach the $2 billion milestone before New Jersey does, it will be in esteemed company.
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