- The Virginia sports betting market surpasses $865 million in wagers for its first four months.
- Mobile and online betting dominated the market.
- The commonwealth saw $3.2 million in sports betting revenue in the first four months.
RICHMOND, Va. – The Virginia sports betting market has seen major success in its young life, surpassing $865 million in wagers in just the first four months.
This was mainly aided by the embracing of mobile sportsbooks by local Virginia sports betting fans as operations like FanDuel and DraftKings dominated the market.
Virginia has shown no signs of slowing down either, as each month has shown either steady growth or minuscule drop off in activity,
Virginia’s Early Sports Betting Success
The most recent report released by the Virginia Lottery shows that in the month of April alone, $236,432,523 was wagered on sports with the state seeing $1,652,146.82 in total taxes.
This is coming from a slow month in April in terms of ongoing sporting events as March Madness ended in the prior month. Even in a slow sports betting month, Virginia sees such massive numbers.
In four months, the state has collected $3.2 million in tax revenue. These numbers support the claims made by local legislators who advocated for the launching of sports betting in the commonwealth.
“I’ve only made one sports wager in my life and that was at a sportsbook in Las Vegas a small wager on my college football team,” said Mark Sickles, delegate from Fairfax and major sponsor of the bill to officially bring sports betting to Virginia. “I just want the state to benefit from these revenues since it’s happening anyway.”
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Virginia joined the growing number of states launching or moving to launch regulated betting within their lawbooks. Nearly 75% of the country has an active market or is working to launch one.
“We’ve legalized a product people were engaging in, in not a legal and regulated way. So, now they have a safe outlet that both protects the consumer and provides such great revenue,” said Jessica Fiel, vice president of government relations at the American Gaming Association. “Our industry takes responsible gaming commitments extremely seriously. We spend over 300 million a year on responsible gambling efforts.”
Like many other thriving markets, online sportsbooks see the bulk of the action in Virginia constantly.
With major players like BetMGM, BetWay, DraftKings, FanDuel, and many more, local residents have easily embraced mobile betting as the primary way to play.
The state's capital Richmond is also moving to launch a casino in the near future. This is motivated in part by the influx in revenue seen from mobile betting.
Virginia is another example of a thriving sports betting market that has seen success early on in its life cycle. Virginia is only expected to continue this trend.
After graduating from Florida State University with a degree in creative writing, Giovanni spent his professional career writing short stories for online journals. Now at USAOnlineSportsbooks, you can find him keeping fans up to date on their favorite teams best betting odds. Giovanni still tries to incorporate his passion for storytelling through the perspective of sports betting.
