This January marked a record-setting month for sportsbooks in Virginia. The operators in the state nearly hit $500 million in the betting handle, surpassing the record which they set a few months earlier, a report reveals.
Betting Handle in Virginia Surpasses $400M for Fourth Month in a Row
January 2022 marks another successful month for sportsbooks in Virginia. In fact, this was the fourth month in a row with sportsbooks surpassing $400 million in wagering handle. According to new data by the Virginia Lottery, released by Play Virginia, in January, sportsbooks hit $485.5 million in wagering handle.
The betting handle for the first month of this year surpassed the previous record of $427 million set last year in October. The $485.5 million this January also marked an increase when compared to the betting handle for December which was $426.5 million.
AGR Hits $18.2 Million, Yielding $2.9 Million in Taxes
The gross gaming revenue (GGR) for the period hit $39 million, representing an 8% hold. Excluding $16.8 million in bonuses and promotions and $3.9 million in other deductions leaves adjusted gross revenue (AGR) of $18.2 million.
The $18.2 million in taxable revenue yielded $2.9 million in taxes. Month-on-month comparison to December marks a significant increase, considering that AGR for that period hit $10.1 million. Not unexpectedly, taxes in December were also significantly less, only $1.7 million. During January, the daily wagering average hit $15.7 million. In contrast, December’s daily wagering average halted at $13.8 million per day.
Considering that sports betting launched in Virginia on January 21, 2021, a direct comparison with this January cannot be done. Still, the sportsbooks have undoubtedly come a long way considering that in January 2021 the sports betting handle was $58.8 million.
Sportsbooks Will Continue to Grow, Says Analyst
According to PlayUSA.com Network’s analyst, Eric Ramsey, there’s still room for sportsbooks in Virginia to grow. He reaffirmed that the operators in the state have expanded their reach over the last five months. Moreover, Ramsey acknowledged that bettors are now betting more after getting familiar with the variety of sportsbook products available in the state.
“Virginia’s sportsbooks still have significant room for growth.”
Eric Ramsey, an analyst at the PlayUSA.com Network, which includes PlayVirginia.com
Dann Stupp, PlayVirginia.com’s lead analyst, added that the NFL playoffs combined with five weekends of football boosted the results for sportsbooks in January. However, he predicted that sportsbooks may “begin to slow down after March Madness.” Despite that, Stupp outlined that the industry made a significant step forward.