Virginia sports betting handle hits $266m in first full month

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Virginia sportsbooks earned handle of $266m in the Commonwealth’s first full month of wagering.

Virginia’s mobile-only sports betting market produced operator win of $12m, but bonuses, promotions and other deductions offset any earnings. Adjusted gross revenue for the month was -$3.2m.

The state collected total tax of $301,000. Virginia places a 15% tax on sports betting revenue.

Virginia sports betting was launched in mid-January.

The Virginia Lottery, which releases monthly figures, said bettors wagered $19.6m on the Super Bowl, which amounts to 7% of the total February handle. Hold percentage for the month was 4.6%.

Virginia’s market currently consists of five operators: FanDuel, DraftKings, BetMGM, BetRivers and William Hill. Four more operators were approved in March. Wynn Bet, Golden Nugget, Bally Bets and Barstool Sportsbook are all expected to launch this spring.

Last month Virginia Gov. Ralph Northam signed a bill that allows for up to 17 sports betting operators. Five of those licenses are tied to professional sports teams and casinos. The Washington Football Team already partnered with FanDuel but that license does not count against the cap.

Virginia’s February handle puts the state on par with Colorado ($267m) and Indiana ($274m), two states with far more mature markets.

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