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Virginia handle bounces back 56% after slow summer for sports betting

The US state of Virginia has released its sports betting results for August, showing that the market bounced back after a few difficult months.

Virginia
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There was a 56% rise in handle through the month compared to 2021 – totalling $284.7m. This figure was helped by the five extra operators available to customers in the state – climbing from eight to 13 during 2021/22.

Meanwhile, gross gaming revenue stood at $31.4m, up from $24.4m month-on-month. 

The win percentage for sports betting was also up, hitting 13% in Virginia, which was the highest in the state since it legalised the activity in January 2021 – generating a 50% increase in taxes collected for the previous month.

The previous four months had seen a drop in player spending on sports betting in the state, though these figures were still better annually than in 2021. The handle for July came in at $266m, 10% lower than June’s $295m but still 64% higher than July 2021; however, with the return of football season, betting has benefitted from kick-off of the NFL.

Earlier this year, Virginia reported a record $485.5m in handle for January, beating the previous October’s $427.3m record and representing a 13% increase.

Dan Stupp, Lead Analyst for PlayVirginia.com, commented: “Five weekends of football, which included an extra week of regular season football and expanded NFL playoffs, were unquestionably a boon for sportsbooks in January.

“Sportsbooks will begin to slow down after March Madness, but the industry made a giant leap forward during the football season, and that has it on solid footing for the year ahead.”

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