- Virginia sportsbooks handled $2.7 billion in their first 11 months overall.
- October set a new $427.3 million record high sports wagering handle.
- November’s sports betting revenue set a new record high of $48.3 million
RICHMOND, Va. – Virginia’s state-regulated sports betting market launched in January of 2021, and the Virginia Lottery report shows a very strong first year financially.
Virginia’s First Year
During the first 11 months of their operation, Virginia sportsbooks reportedly handled $2.7 billion in sports wagers, nearly $1 billion of which occurred in just the last two months in October and November.
This nearly $3 billion handle resulted in $254.3 million in sports betting revenue for Virginia sportsbooks, $18.6 million of which went straight to state taxes.
That’s an overall hold percentage of 9.1% for the first 11 months of the year, an impressive haul for their first month in operation.
Virginia’s sports betting market is currently online-only, meaning that all wagers reported were exclusively from an online gambling market.
Record-Breaking Final Two Months
October may have taken the record for highest sports betting handle in Virginia, but November easily set the highest monthly revenue record.
Virginia sportsbooks handled over $427.3 million in sports wagers from Virginia residents in October, a record high since sports betting launched in January 2021.
Top Three Virginia Sports Betting Handles
- October 2021 handle: $427,320,306
- November 2021 handle: $402,621,132
- March 2021 handle: $293,851,531
Meanwhile the following month of November set the new record for monthly revenue, although trailing behind October’s handle.
Online sportsbooks generated $48.3 million in sports betting revenue in November, a 60.2% increase from October’s $30.1 million.
Top Three Revenue Months
- November 2021 revenue: $48,337,037
- September 2021 revenue: $30,929,243
- October 2021 revenue: $30,160,385
Virginia currently has the seventh overall highest sports betting handle in the country, despite only having launched its market in January of 2021.