Virginia Sports Betting Sees 51% YOY Growth in February

Virginia sports betting has seen over 51% year-over-year growth in February, which brought nearly $402 million in handle. February was the fifth straight month for the state with a $400 million-plus handle.

According to the report released Friday by the Virginia Lottery, the Old Dominion’s sportsbooks took in $401,889,135 during the shortest month of the year. The state bettors roughly wagered $14.3 million per day.

February’s handle represented a 17.2% decline from January’s $485.5 million – a record month for Virginia, which launched sports betting in Jan. 2021.

But a decline in February was both expected and normal due to three fewer days of betting and the Super Bowl being the last NFL game of the season.

Virginia sportsbooks took in $33.2 in Super Bowl betting, reflecting a 69.4% increase from $19.6 million wagered in Feb. 2021.

The Old Dominion also became the eighth state to top $4 billion in the all-time handle since launch.

Revenue Detail

Virginia sportsbooks generated nearly $27.4 million in gross gaming revenue, down 30% from the $39 million a month prior. The hold rate in February was 6.8%, allowing the bettors to win at their best clip since Feb. 2021.

The Virginia operators dished out a whopping $15.8 million in promotional credits – the fourth-highest since the launch. Another $3.8 million in additional deductions shrank the taxable amount to $7.9 million of operator revenue.

The state generated $1.4 million from sports betting taxes, a 51.1% decrease from January’s $2.9 million.

The Virginia Lottery does not reveal handle and revenue details by either sport or operator.

Over 50% YOY Growth

The Old Dominion launched its digital-only sports betting industry on Jan. 21, 2021. Virginia sportsbooks reported a $265.8 million sports betting handle for its first full month of sports betting in February.

Now, as the year takes a complete round, we can analyze Old Dominion to be a healthy sports betting market, with over 50% growth between February 2021 and February 2022.

However, it should be mentioned that only five operators – FanDuel, DraftKings, BetMGM, Caesars, and BetRivers – were live in February 2021. Currently, Virginia sports bettors have 11 operators to choose from while wagering in the state.

Despite February 2022 representing a month-over-month decline of 17%, this month saw the fifth-highest month handle in 13 full months of legal sports betting.

Virginia, Eighth State to Surpass $4bn Handle

In February, Virginia also became the eighth state to cross $4 billion in the all-time handle, reaching the milestone in 14 months.

New Jersey, Nevada, Pennsylvania, Illinois, Indiana, Colorado, and Michigan are the other seven.

Virginia, which launched a mobile-only industry in January 2021, is expected to add a few retail sportsbooks later this year. Two of four Old Dominion cities that voted in favor of casinos may open temporary gaming facilities in 2022. Those casinos in Bristol and Norfolk are likely to offer in-person sports betting.

In addition, Virginia bettors may have two more online sportsbooks – SI Sportsbooks (by 888) and Betway – as additional options later this year. Both have received regulatory approval.