Thu. Jan 23rd, 2025
Sports gambling operators see highest revenue month yet

Sports betting in Virginia again topped $400 million in September with the NFL and college football seasons getting underway.

Adjusted gross revenue for the state’s 14 operators was $48.39 million, the highest single month total since sports wagering began in Virginia in January 2021, according to the Virginia Lottery which oversees sports gaming.

Correspondingly, the state reported record tax revenues of $7.25 million exceeding the previous record set in August 2022, at $4.47 million. More than $7 million will go to the state’s general fund.

Bettors wagered more than $411.27 million during the period from Sept. 1 through Sept. 31, for an average of $13.26 million per day, according to information provided by the Virginia Lottery. It also marked the first time sports betting topped the $400 million mark in Virginia since March and the fourth time in 2022.

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The total handle was 40% higher than September 2021 when only nine licensed operators were serving sports gamblers.

Bettors registered $357.45 million in gross winnings for the month, which represents the highest one-month total since April.

The state’s three top-grossing operators were also the first three to enter the market, according to information provided to the Virginia Lottery Board last week. FanDuel, which was the first operator licensed in Virginia currently has 40.6% of the market share.

Draft Kings was the second to accept wagers and currently has 22.8% of the Virginia market while BetMGM was third and now has 19.3% of the total market. Caesars currently has 8.3% with the others dividing the remaining 9%.

Hard Rock, which just received its license March 31, reported 0.57% of the total market.

Pro basketball received the most attention from bettors during the period from January through September, garnering 23.6% of all bets. It was followed by baseball at 14.1%, tennis at 12.7% and football at 10.9%. Parlay bets accounted for 20% of total wagering, according to the lottery board report.

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By Xplayer