Virgina Reports Sports Betting Handle of Over $58 Million for First 11 Days of Operation

by Ciaran McEneaney - Thursday, March 4th, 2021 10:22

The Virginia Lottery has reported a sports betting handle of $58,896,564 for the first 11 days of legal sports betting in the state.

The report also shows that state residents won $55,310,487, for a combined 6.08% win percentage.

Sports betting officially launched in Virginia on the 21st of January and there are now four licensed sportsbook operators in the market.

Betfair Interactive US, LLC operating as FanDuel and in partnership with the Washington Football Team launched its legal Virginia sportsbook operations on January 21st.

Crown Virginia Gaming, LLC operating as DraftKings, and BetMGM, LLC received their permits on January 24th. DraftKings launched immediately with BetMGM following a few days later.

Portsmouth Gaming Holdings, LLC operating as Rivers Casino Portsmouth received a permit on January 26th.

William Hill in partnership with Caesars Virginia, LLC received a permit on January 27th but delayed its launch until February, just before the Super Bowl.

Those operators taking wagers in January reported offering $6.3 million in bonuses and incentives to attract new players from the state.

The Virginia Lottery lists the official revenue figures as follows:

January 21st – 31st, 2021

• Gross sports gaming revenues: $58,896,564
• Gross winnings: $55,310,487
• Bonuses and Promotions: $6,343,077
• Other deductions $478,612
• AGR (Adjusted Gross Revenue): $3,235,612

The initial expenses of launch and promotion resulted in negative AGR for three operators leading to minimal tax revenue.

The total tax generated for the state for the 11 day period was $39,710.31 of which $38,717.55 went to the state’s general fund and $992.76.

Ciaran McEneaney

Ciaran has a decade of experience writing for some of the biggest names in the eSports, poker, and casino industries.