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Virginia sports betting handle jumps 61% in September


The Virginia Lottery released its sports betting revenue report for September 2021, the state’s eighth month of reporting since wagering went live on January 21, revealing that September handle jumped to $283.9m.

During the month of September, Virginia sports bettors wagered a total of $283.9m, up 61% from August 2021. The bump, which is mirrored in other legal markets such as New Jersey, Nevada and Colorado, can likely be attributed to the ongoing 2021-22 NFL season, which began September 10.

Bettors in Virginia won a total of $262.9m, leaving $31.0m in revenue, with a 10.53% win rate for operators. After bonuses, however, adjusted gross revenue was $10.3m.

September was a successful month for Virginia sports betting, compared to the already-impressive August 2021 numbers. Month to month, total revenue increased from $8.69m to $10.33m. Consequently, tax revenue jumped from $1.38m in August to $1.56m in September.

From the launch of Virginia sports betting through September 30, bettors in the state have wagered more than $1.9bn. The Virginia sports betting market includes 10 total operators: FanDuel, DraftKings, BetMGM, BetRivers, Caesars, Unibet, Penn, Golden Nugget, Bally’s Corporation, and Wynn.

Virginia places a 15% tax on sports betting activity based on each permit holder’s adjusted gross revenue. In September, operators contributed $1.56m in tax revenue, bringing the total since the January 21 launch to $12.63m. Of the state sports betting tax, 97.5% goes to the state’s General Fund while the remaining 2.5% goes to the Problem Gambling Treatment and Support Fund administered by the Virginia Department of Behavioral Health.

Virginia’s successful growing gambling market is expected to receive a boost in the form of five retail casinos. The casino projects were approved via referendum, kickstarting a regulatory and bidding process before construction can begin. There will be one casino each in Richmond, Bristol, Danville, Norfolk, and Portsmouth.