Virginia sportsbook handle reaches $59m in January

Sports Betting

Virginia’s legal sportsbooks generated wagers of $59 million in the first 11 days after the market launched on 21 January, the second-highest monthly total in U.S. history for any state.

Virginia legalized sports betting in July 2020. The Virginia Lottery regulates the state’s sports wagering industry and will license up to 12 different online sportsbook brands.

Virginia’s sportsbooks won $3.6 million in gross gaming revenue on January’s bets. But with an expectedly heavy early promotional push, three of Virginia’s four sportsbooks lost money. That put combined adjusted gaming revenue at a $3.2 million loss.

FanDuel went live on 21 January, and DraftKings and BetMGM opened days later on 24 January. BetRivers jumped in the fray on 26 January. William Hill launched in February, and more are expected soon.