Sportsbook

Virginia Sports Betting Revenue Hits $300 Million in September

Virginia’s online sportsbooks accepted $293.9 million in bets in September, the second-most ever behind the $304.1 million reached in March, according to data released Monday by The Virginia Lottery

Virginia Sports Betting Revenue Hits $300 Million in September
Virginia Sports Betting Revenue Hits $300 Million in September

Virginia bettors took advantage of their first opportunity to legally bet on regular season football by pouring nearly $300 million in wagers into Virginia’s sportsbooks in September, falling just short of the state record. In doing so, sportsbooks took in more gross gaming revenue than ever before, as the commonwealth neared the record for quickest state in U.S. history to reach $2 billion in lifetime wagers, according to PlayVirginia, which tracks Virginia's sports betting market.

“Virginia has from the very beginning reached the higher end of expectations,” said Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayVirginia.com. 

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.”

Virginia’s online sportsbooks accepted $293.9 million in bets in September, the second-most ever behind the $304.1 million reached in March, according to data released Monday by The Virginia Lottery. Betting per day surged to $9.8 million per day over the 30 days of September from $5.9 million over the 31 days of August, when $182.4 million in bets were made.

Gross gaming revenue rose 72.1% to $30.9 million from $18.0 million in August, breaking the record $26.6 million in revenue collected in March. Promotions whittled taxable revenue down to $10.3 million for the month, yielding $1.6 million in state taxes, including $38,937 for problem gambling support. 

Since launching in January 2021, Virginia has produced $1.97 billion in wagers and $175.9 million in gross gaming revenue. New Jersey, now the nation’s largest market, was the quickest market to reach $2 billion in lifetime revenue, doing it in 10 months. Having launched in late-January, Virginia’s market will top that record in October.

September’s surge was a direct result of the return of the NFL and a full month of college football. Football, and the NFL in particular, motivates bettors in a way that no other sport can. October should be even more lucrative with five weekends of pro and college football, in addition to baseball’s postseason and the return of the NBA.

“Virginia’s bettors responded to their first opportunity to bet on regular season football in exactly the way that was expected,” said Dann Stupp, lead analyst for PlayVirginia.com.

“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.”

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