Virginia sports betting handle hits $294m in September

Virginia’s sports betting market saw a significant uptick in sports betting handle in revenue in September.

According to the latest report from the Virginia Lottery, bettors in the state wagered just under $294m on sporting events in September.

September’s handle marks a significant increase on the $182.4m wagered in August and also represents the second-highest handle figure since the state’s betting market went live in January this year.

March is still the top month for sports betting handle in Virginia after bettors wagered $304m on sporting events.

The Lottery report revealed that sportsbook operators generated $30.9m in gross revenue in September.

Revenue in September managed to outpace the previous revenue record of $26.6m that was set back in March.

The Virginia Lottery does not publish individual handle and revenue for individual operators.

Promotional revenue up in September

Virginia operators managed to claim more than half of that revenue as tax-free via promotional spending. In September, operators spend $17.4m on promotional credits and bonuses. This marks the state’s highest promotional spend in a single month since the market went live.

September also marked the third month where operators announced more than $10m in promotional revenue. A total of $74.2m has been spent on promotional credits since the market went live.

Between the promotional spending, and other deductions that came close to $3.2m, operators in the state reported $10.3m in adjusted revenue. From this revenue, the state received just under $1.6m in tax revenue for state coffers.

Since launching, the state has received $12.6m in tax revenue from sports betting operations.

Sports betting in Virginia

Sports betting in Virginia became legal in April 2020, when the state legislature approved two sports betting bills, authorizing online sports betting. Under state law, up to 12 sports betting licenses are up for grabs.

Virginia’s betting market went live in January 2021 with the launch of FanDuel through a partnership with the Washington Football Team.

DraftKings, BetMGM, and BetRivers also launched their online sports betting products in the state in January.

There are now a total of nine operators currently live in the state which includes DraftKings, BetMGM, BetRivers, FanDuel, Caers WynnBet, Unibet, Golden Nugget, and Barstool.

Another state gets a September boost

Virginia is the latest state to publish its sports betting figures for the month of September, and like most other states, Virginia’s sports betting market likely received a significant boost thanks to the return of the professional football season.

In September, New Jersey became the first US state to pass the $1bn threshold in wagers in a single month. Meanwhile, the state of Nevada saw handle hit an all-time high of $786.5m in September.

Meanwhile, Colorado’s sports betting handle for the month of September amounted to $408.3m, marking a new record for the state.

Other states including Tennessee, Illinois, and the newcomer state of Arizona have yet to publish their sports betting figures for September.