CasinoCityTimes.com

Gurus
News
Newsletter
Search News Subscribe
Stay informed with the
NEW Casino City Times newsletter!
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!
Related Links
 

Strong January helps Virginia sportsbooks break record

1 March 2022

(PRESS RELEASE) -- Virginia’s sportsbooks collected nearly $500 million in wagers in January, topping the previous record by more than 13%. A fresh round of records made for an apt end to a football season that pushed the commonwealth’s industry to new heights, according to PlayVirginia, which tracks Virginia's sports betting market.

“Five weekends of football, which included an extra week of regular season football and an expanded NFL playoffs, were unquestionably a boon for sportsbooks in January,” said Dann Stupp, lead analyst for PlayVirginia.com. “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.”

Bettors poured $485.5 million in wagers into Virginia’s sportsbooks in January, shattering the record $427.3 million in wagers produced in October, according to data released Tuesday by the Virginia Lottery. January’s wagers were up 13.8% from $426.6 million in December, too, while the daily wagering average grew to $15.7 million per day over the 31 days of January from $13.8 million per day in December.

Sportsbooks won $39.1 million in gross revenue, second-best all-time for Virginia and up from $31.5 million in December. After $16.9 million in promotional spending and $4.0 million in other deductions, sportsbooks produced $18.2 million in taxable revenue. That yielded $2.9 million in state taxes.

The commonwealth is still too young for full-month, year-over year comparisons. But betting volume has more than doubled since Virginia launched sports betting on 21 January 2021. During the market’s first 11 days sportsbooks generated $5.4 million in wagers per day, generating $3.6 million in revenue on $58.9 million in January 2021.

“Virginia’s sportsbooks still have significant room for growth,” said Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayVirginia.com. “Over the last five months, operators have continued to expand their reach to new customers. But just as important, individual bettors are wagering more than a year ago as they become more familiar with the myriad products online sportsbooks are offering.”

< Gaming News

Strong January helps Virginia sportsbooks break record is republished from Online.CasinoCity.com.