New Year, New Record: Virginia Sports Betting Reaches Record Levels In January
In January, Virginia’s sportsbooks surpassed the previous record by more than 13%, collecting nearly $500 million in wagers.
According to Play Virginia, which monitors Virginia’s sports betting market, the football season concluded with a remarkable set of new records that elevated the state’s industry to unprecedented levels.
According to Dann Stupp, the lead analyst for play-virginia.com, the five weekends of football, which incorporated an additional week of regular season football and an extended NFL playoffs, undeniably benefited sportsbooks in January. Stupp mentions that the sportsbooks will gradually decrease in activity after March Madness. However, he acknowledges that the football season propelled the industry forward significantly, establishing a strong foundation for the upcoming year.
Data released Tuesday by the Virginia Lottery reveals that Virginia’s sportsbooks attracted a staggering $485.5 million in wagers in January, surpassing the previous record of $427.3 million set in October.
In January, the total amount of wagers increased by 13.8% compared to December’s $426.6 million. Additionally, the average daily wagering amount rose to $15.7 million per day throughout January’s 31 days, compared to December’s $13.8 million per day.
| 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 |
In December, sportsbooks in Virginia recorded a remarkable gross revenue of $39.1 million, the second-highest amount ever achieved. This figure marked a significant increase from the $31.5 million earned in the previous month.
Sportsbooks generated $18.2 million in taxable revenue after deducting $16.9 million for promotional spending and $4 million for other expenses. Consequently, the state received $2.9 million in tax revenue.
Although the commonwealth is still too young for comprehensive month-to-month and year-over-year comparisons, the betting volume has significantly increased since Virginia introduced sports betting on January 21, 2021. In the initial 11 days of the market, sportsbooks witnessed a daily wager amount of $5.4 million, resulting in $3.6 million in revenue from a total of $58.9 million wagers in January 2021.
According to Eric Ramsey, an analyst for the PlayUSA.com Network, including play-virginia.com, there is still ample potential for growth in Virginia’s sportsbooks. He noted that over the past five months, these sportsbooks have successfully extended their reach to attract new customers.
However, of equal significance, bettors are increasing their wagers compared to last year as they gain a better understanding of the various products being offered by online sportsbooks.
To gain further insights and analysis on regulated sports betting in Virginia, please visit play-virginia.com/revenue.
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