LAS VEGAS, Nov. 1, 2021 /PRNewswire/ -- Virginia
bettors took advantage of their first opportunity to legally bet on
regular season football by pouring in nearly $300 million in wagers into Virginia's sportsbooks in September, falling
just short of the state record. In doing so, sportsbooks took in
more gross gaming revenue than ever before, as the commonwealth
neared the record for quickest state in U.S. history to reach
$2 billion in lifetime wagers,
according to PlayVirginia, which tracks Virginia's sports betting market.
"Virginia has from the very
beginning reached the higher end of expectations," said
Eric Ramsey, an analyst for the
PlayUSA.com Network, which includes PlayVirginia.com. "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 month of football betting."
Virginia's online sportsbooks
accepted $293.9 million in bets in
September, the second-most ever behind the $304.1 million reached in March, according to
data released Monday by The Virginia Lottery. Betting per day
surged to $9.8 million per day over
the 30 days of September from $5.9
million over the 31 days of August, when $182.4 million in bets were made.
Gross gaming revenue rose 72.1% to $30.9
million from $18.0 million in
August, breaking the record $26.6
million in revenue collected in March. Promotions whittled
taxable revenue down to $10.3 million
for the month, yielding $1.6 million
in state taxes, including $38,937 for
problem gambling support.
Since launching in January 2021,
Virginia has produced $1.97 billion in wagers and $175.9 million in gross gaming revenue.
New Jersey, now the nation's
largest market, was the quickest market to reach $2 billion in lifetime revenue, doing it in 10
months. Having launched in late-January, Virginia's market will top that record in
October.
September's surge was a direct result of the return of the NFL
and a full month of college football. Football, and the NFL in
particular, motivates bettors in a way that no other sport can.
October should be even more lucrative with five weekends of pro and
college football, in addition to baseball's postseason and the
return of the NBA.
"Virginia's bettors responded
to their first opportunity to bet on regular season football in
exactly the way that was expected," 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."
Of the nine sports betting operators that currently live in the
commonwealth, FanDuel has been the by far biggest driver of
Virginia's rapid expansion.
According to data released last week by the Virginia Lottery Board,
FanDuel has handled 45.4% of the wagers made through the market's
first eight months.
FanDuel's chief rival DraftKings has accounted for 26.1% of the
state's total handle. BetMGM is third in market share with
17.9%.
"FanDuel was first to the market and it used its partnership
with the Washington Football Team to really propel it so far,"
Stupp said. "The marketing might of FanDuel and DraftKings is a
competitive advantage for both companies in every market. But
Virginia is still young when it
comes to legal sports betting, and it will continue to evolve."
For more information and analysis on regulated sports betting in
Virginia, visit
PlayVirginia.com/revenue.
About the PlayUSA.com Network:
The
PlayUSA.com Network is a leading source for news, analysis,
and research related to the market for regulated online gaming in
the United States. With a presence
in over two dozen states, PlayUSA.com and its state-focused
branches, including PlayVirginia.com, produce daily original
reporting, publish in-depth research, and offer player advocacy
tools related to the advancement of safe, licensed, and legal
online gaming options for consumers. Based in Las Vegas, the PlayUSA Network is
independently owned and operated, with no affiliations to any
casino — commercial, tribal, online, or otherwise.
Contacts: Zack Hall, Catena Media, 775-338-0745,
322733@email4pr.com
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SOURCE PlayVirginia.com