Virginia Sports Betting Booms In October
Virginia Sports Betting Booms In October
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Richmond Virginia
The Virginia Lottery has reported $571.3 million in bets for October, representing a 10% increase from the previous month’s $520.3 million. Moreover, the handle, which indicates the total amount wagered, witnessed an 8% surge compared to the same period last year.
Online sportsbooks have continued to dominate the sports betting scene in Virginia, accounting for $565.5 million in action. In contrast, brick-and-mortar locations contributed a mere $5.7 million to the total betting volume. This highlights the growing preference for mobile betting platforms among Virginia’s bettors.
The surge in sports betting activity was particularly evident among mobile operators, experiencing a monthly growth rate of approximately 10%. On the other hand, retail locations saw a more modest increase of just 1.7%. This further emphasizes the convenience and accessibility offered by mobile sports betting platforms.
After paying out winners, all operators in Virginia’s sports betting industry retained $56.3 million in adjusted revenue for October. This represents an impressive 11.2% hold, which is nearly a percentage point higher than September’s 10.4%.
October saw an increase in the number of profitable sportsbooks in Virginia, with nine companies contributing to the state’s tax revenue of $8.5 million. In comparison, only seven operators were in the black in September, while August had 11 profitable sportsbooks. This trend reflects the overall growth and profitability of the industry.
Kindred Group PLC, the operator of the Unibet sportsbook, recently announced its intention to withdraw from North American markets, including Virginia, by Q3 2024. Although their presence in the Commonwealth was relatively limited, their market share stood at 0.14% from January to September this year. This decision aligns with the timing of their license renewal, set to expire in April 2024.
Several other sportsbooks in Virginia, including DraftKings, FanDuel, BetMGM, BetRivers, Caesars, Ballys, and ESPN Bet, also have licenses expiring in the first half of 2024. It is expected that these operators will file for license renewals, indicating their commitment to the Virginia market.
