The first 11 days of legal sports betting in Virginia points to a promising 2021 for the state’s sports betting industry.
According to revenue reports released Monday by the Virginia Lottery, the state’s newly-launched mobile sportsbooks produced just under $59 million in handle for January 2021.
Those numbers represent just an 11-day period from Jan. 21-31. Four different mobile sports betting apps went live in Virginia in January, beginning with FanDuel Sportsbook going live on Jan. 21.
Virginia Sports Betting Revenue January 2021
|Overall Betting Handle||Gross Gaming Revenue||Adjusted Gross Revenue||Sports Betting State Tax|
FanDuel Sportsbook debuted as Virginia’s first operating mobile sportsbook, launching as a license partner of the Washington Football Team. Three other online sportsbooks went live before the end of the month.
The four mobile sports betting apps combined to produce $58,896,564 in monthly sports wagering handle. The sportsbooks posted $3,586,077 in gross winnings but issued $6,343,077 in promotional credits that count against gross revenue.
Factoring in those promotional credits, Virginia sportsbook netted a $3,235,612 loss in January. Once the first wave of customer acquisition marketing ends, however, Virginia appears positioned to host a viable sports betting industry.
Only one of the four online operators posted positive net adjusted gross revenue for the month. Only that operator was obligated to pay the 15% state tax on sports revenue, yielding $39,710 in taxes for the state.
With nearly $59 million in bets taken, however, Virginia’s sports betting industry posted a fast start. VirginiaCasinos.com projects that the state’s sports betting industry could produce $412 million in annual revenue, producing $61.8 million in annual tax revenue.
The Virginia Lottery will eventually award up to 12 sports betting licenses in the state. William Hill launched as Virginia’s fifth operation mobile sports betting app in February.