Virginia sportsbooks generate August handle of $182m
The return of NFL preseason and college football games helped boost wagers for the month.
Virginia sports betting handle in August rose to $182m, a 12.7% increase from July, according to figures release by the state lottery.
Handle was still significantly down compared to February through June, when Virginia easily surpassed to $200m in wagers per month.
Gross gaming revenue for August was $18m, a 10% decrease from July due to a lower hold percentage. Sports betting resulted in $1.4m in state taxes.
“Baseball did much of the heavy lifting in August, but NFL futures betting, preseason football, and a small sampling of college games make a significant difference for sportsbooks,” said Dann Stupp, lead analyst for PlayVirginia. “Seeing any gain is a breath of fresh air after what was the typical slow period for the industry. But August’s gains are just a foreshadow for what will certainly be the busiest stretch since Virginia launched sports betting in January.”
Virginia’s online-only market has produced more than $1.7bn in wagers since its January launch, but has yet to reap the benefits from a full football season.
Bettors in Virginia don’t have a home-state NFL team to choose from, but the nearby Washington Football Team and Baltimore Ravens should help spur wagers, as should the state’s several college football programs.
“College football and the NFL will generate hundreds of millions of dollars in bets at Virginia’s sportsbooks, which is important on its own,” Stupp said. “With increased engagement comes a chance for sportsbooks to grow their customer base. A good promotional strategy set over the summer should start to pay off in September.”
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