Virginians bet $402 million on sports in February

The Super Bowl contributed to an increase of almost 17% compared to January

Posted

April 5, 2022




by

Catherine Schulte


Virginians bet nearly $402 million in February, according to data released April 1 by the Virginia Lottery.

Virginia sports bettors won more than $374 million in February. Since the state legalized sports betting in mid-January 2021, Virginia has seen $4.1 billion in wagers.

Gross revenue for February was down more than $83.6 million from January, when the state collected about $485.5 million. Bets on the Super Bowl, which took place on February 13, totaled nearly $33.16 million, according to the Lottery.

“January was the majority of the NFL playoffs, and casual sports bettors love nothing more than the NFL playoffs and March Madness,” said Steven Schult, editor of PlayVirginia and PlayFL. “So there were just more games they were willing to bet on. Even though the Super Bowl is incredibly popular and one of the most bet events of the year, in February, that’s it.

Year-over-year comparisons are better indicators of market maturity than month-over-month due to the timing of sporting events, Schult said. Virginians wagered around $265.78 million in February 2021.

“Essentially, this is what we expected to see due to market growth,” Schult said. “The first year we had pretty explosive growth in Virginia, and that was mostly down to how they set up the market,” allowing online and mobile or app-based betting – more convenient for players. bettors – instead of waiting for the brick-and-mortar slots.

Although sports betting is experiencing seasonal declines, this year’s monthly revenue is expected to exceed the previous year’s totals.

“As this is still a somewhat new market, we expect growth even for the rest of the year,” Schult said.

The 11 licensed operators included in the February report were Betfair Interactive US LLC (FanDuel) in partnership with Washington Commanders; Crown Virginia Gaming LLC (Draft Kings); BetMGM LLC; Rivers Portsmouth Gaming LLC (Rivers Casino Portsmouth); Caesars Virginia LLC (William Hill); WSI US LLC (Wynn); Golden Nugget Online Gaming VA LLC, Bally’s Corp. ; Penn Sports Interactive LLC; Unibet Interactive Inc.; Colonial Downs Group LLC; Digital Gaming Corp. VA LLC; VHL, VA LLC; and HR Bristol LLC.

The state imposed a 15% tax on sports betting activities based on each licensee’s adjusted gross income. With four operators reporting net positive adjusted gross revenues, monthly taxes for February totaled $1.4 million. Since its approval to date, the state has collected approximately $24.62 million in taxes.