Virginia Online Sports Betting Post $58.9 Million In January Betting Handle

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 HandleGross Gaming RevenueAdjusted Gross RevenueSports Betting State Tax
January 2021$58,896,564$3,586,077-$3,235,612$39,710.31

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.

DraftKings Sportsbook (licensed to Crown Virginia Gaming) and BetMGM launched on Jan. 24, while BetRivers (licensed to Portsmouth Gaming Holdings) debuted on Jan 26.

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.

About the Author

Geoffrey Fisk

Geoff Fisk is a San Diego-based freelance writer, specializing in the poker and gambling industries. He’s written for numerous platforms and has traveled the globe as a live poker tournament reporter. Geoff’s interests include the legal online poker industry in the U.S. and abroad.