March 1, 2021 Sports Betting, Online

Virginia January online sports betting launch sees handle of $59m in first 11 days

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Virginia online sportsbooks generated January handle of $59m in the first 11 days post-launch.

The Virginia Lottery reported January figures on Monday. Revenue for the month was only $3.6m, due to several giveaways and promotions put on by operators.

“Following the successful launch of Virginia’s sports betting program, it is anticipated that bonuses and promotional expenses tied to customer acquisition will decline considerably, increasing AGR and tax revenues to a more sustainable level,” the Virginia Lottery said in a statement.

FanDuel was first to launch on Jan. 21, followed shortly thereafter by DraftKings, BetMGM and Rush Street Interactive.

Virginia’s January handle was a little more than half of Michigan’s $115m, where online sports betting was launched on Jan. 22. The disparity in wagers between the two states could be because Michigan has an overall more mature sports betting market, with retail sportsbooks having launched approximately a year ago.

Virginia is expected to hand out more online sports betting licenses in the coming month. Twelve operator licenses were initially approved, but the state legislature recently passed a bill that would expand that number as early as this summer.

Virginia will eventually include retail sports betting once the state’s five approved casinos are built.

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