Virginia sports betting hits $265m in first full month
Virginia’s first full month of legal gambling, the commonwealth’s sportsbooks took in about $265.8 million in wagers, which is the second largest sum for any state in its first full month.
Sportsbooks won $12.2 million February from Virginia bets. However, because the companies have offered promotional credits to incentivize Virginians to use their services, the industry lost $3.2 million on the month after adjusting for the credits. The state took in more than $300,000 in tax revenue.
The large gain was partially spurred by bets on the Super Bowl, which garnered $19.5 million in wagers. Michigan, which also legalized sports betting last month, was the only state to outperform Virginia in its first full month of legal betting. The state took in nearly $302 million in wagers.
“Virginia’s debut has been overshadowed some by Michigan, but together the two states show just how far the U.S. has come,” Dustin Gouker, an analyst for PlayVirginia said in a statement “The nation’s major operators have the resources to engage bettors in new markets in ways that were impossible in the early days of legalization, which benefits later-comers like Virginia. Ultimately, that will mean a market that goes through fewer growing pains than some of the earlier adopters.”