Virginia reports nearly $300m sportsbook handle
Near record high numbers come on the strength of football season having begun.
The commonwealth of Virginia has reported a sportsbook handle of nearly $300m for the month of September. This figure is very nearly a record monthly amount since sports betting was legalized in January 2021 and been ascribed to September being the first month that NFL and college football betting was possible since legalization.
The official number was $293.9m in bets, second only to March, which reached $304.1m on the strength of March Madness.
The explosion in sports betting has been uniquely phenomenal in Virginia, where it is nearing the point where it will be the fastest state in the country to reach $2bn in lifetime wagers. The current record holder is New Jersey, which managed to reach that figure in 10 months.
PlayUSA.com Network analyst, Eric Ramsey, said, “Virginia has from the very beginning reached the higher end of expectations. What’s remarkable is that the state keeps reaching these milestones in record time, and until September the state’s sportsbooks had yet to enjoy a full months of football betting.”
The football season has made a marked difference, something readily evident when September’s numbers are compared to August’s: betting per day climbed to $9.8m over September, a significant rise when compared to $5.9m per day of August (a month where total bets came to $182.4m). Altogether, gross gaming revenue climbed 72.1% to $30.9m over the month before when it had been $18m.
And football season isn’t over yet. October is expected to be even more lucrative, with the baseball play-offs and the NBA adding to the surge.
Said Dann Stupp, lead analyst for PlayVirginia.com: “The next three months should bring a plethora of records, which will be a fitting close to a wildly successful first year for the state’s sportsbooks.”
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