Virginia sports betting handle hits record $427.3m in October

The state of Virginia is the latest US jurisdiction with legal betting to post record sports betting figures for the month of October.

According to the latest figures from the Virginia Lottery, sportsbooks in the state processed a record $427.3m in sports wagers in October.

October’s handle marks a 45.4% increase on the $294m wagered in September. The latest figures also shattered the previous handle record of $304.1m that was set back in March.

Virginia now joins the list of states with sports betting to have benefited from October’s five full Friday through Sunday weekends. The additional weekend gave sportsbooks plenty of time to take more bets on college and professional football.

October’s figures helped to push Virginia’s total sports betting handle figure up to $2.4bn since the market went live in January. Virginia managed to pass the $2bn threshold in just over nine months, a new record for the US betting market.

In terms of revenue, sportsbooks managed to generate $30.2m in October. This revenue figure was just under the $30.9m revenue record that was posted in September.

With only three of the state’s nine operators posting net positive adjusted gross revenue, the state received just $1.7m in taxes.

Virginia sportsbooks still spending big on promos

With football season in full swing, it should come as no surprise that operators in the state of Virginia continued to spend big on promotional credits in October.

Operators in Virginia paid out $15.8m, more than half, of total gross revenue in bonuses and promotions in October. This pushed the total figure for dedicated promo spend to more than $90m since the market went live.

After accounting for $4.6m in other deductions, adjusted gross sports betting revenue fell to just $9.8m in October. This was down from the adjusted gross revenue of $10.3m in September.

Sports betting in Virginia

Virginia legalized sports betting 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 ten operators currently live in the state which includes DraftKings, BetMGM, BetRivers, FanDuel, Caers WynnBet, Unibet, Golden Nugget, Barstool, and Bally Bet.

More operators are also set to launch in the coming months. 

Last week 888’s SI Sportsbook and Betway received approval to launch in the state after PointsBet received approval last month. Two more announced licensees are also set to launch.

Where does Virginia sit on the national leaderboard?

With Virginia’s figures for the month of October now available, nearly every US state with legal betting has published October figures. 

New Jersey holds the top spot for October with an all-time high handle of $1.3bn, while Nevada snatched second place last month with $1.1bn in wagers.

Pennsylvania fell to third place with $776.3m in betting handle for the month, while Michigan sits in fourth place with $497.6m in wagers. Colorado’s $491.5m in wagers helped the state secure fifth place in October.

Meanwhile, Indiana bettors wagered a record $461.1m in October while Virginia followed close behind with $427.3m in wagers.