According to PlayVirginia, a tracker of Virginia’s sports betting market, sportsbooks took in more gross gaming revenue (GGR) than ever before, as the state saw itself reach $2bn in lifetime wagers (in terms of handle).
Eric Ramsey, PlayUSA analyst, said: “Virginia has from the very beginning reached the higher end of expectations. 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.”
September was a knockout for handle; Virginia’s online sportsbooks accepted $293.9m in bets in the one month alone. The stats rocketed to $9.8m each day over the 30 days of September in comparison to $5.9m over the 31 days in August.
Gross gaming revenue rose to $30.9m from $18m in August, breaking the record of $26.6m the month prior.
The September surge has of course been down to the NFL, alongside a full month of college football. October is set to see the same results with the anticipated five weekends of pro and college football, in addition to the return of the NBA and baseball’s postseason.
Dann Stupp, Lead Analyst for PlayVirginia, said: “Virginia’s bettors responded to their first opportunity to bet on regular-season football in exactly the way that was expected. 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.”
FanDuel has been the largest driver of Virginia’s expansion. Out of the nine sports betting operators live in the state, FanDuel has handled 45% of the bets made through the first eight months, with DraftKings accounting for 26% of the state’s total handle, and BetMGM is third, with 18%.
Stupp added: “FanDuel was first to the market and it used its partnership with the Washington Football Team to really propel it so far.
“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.”
