- Virginia sportsbooks handled over $3.2 billion in sports wagers across 2021.
- November was the most profitible month for sportsbooks, who pulled in $48.3 million in profit.
- 97.5% of all taxes made from sports betting is allocated to the General Fund with the rest going to treat gambling addiction.
RICHMOND, Va. – Virginia sportsbooks have released revenue numbers for their December sports betting performance, and we can now examine their first year in its entirety.
A 3 Billion Dollar Year
Although Virginia has only had a regulated US-based legal sports betting market for just over a year, sportsbooks have quickly climbed the ranks to make Virginia the top 10 most profitable sports betting states in the country.
In 2021, Virginia residents wagered over $3.2 billion on sports, generating over $285.8 million in revenue, and $20.3 million in state taxes.
The final three months are where the real action happened, as sportsbooks reportedly handled well over $400 million in October, November, and December. That’s roughly a 45% increase from the previous largest handle of September’s $293.8 million, for three months in a row.
Highest Revenue Month
The most profitable months to sportsbooks however was easily November, where they pulled in over $48.3 million in revenue.
53.3% higher than their second biggest revenue month of December, where sportsbooks saw $31.5 million in profits.
Although November boasted the Virginia sportsbooks highest revenue pull, it only saw the second highest hold rate percentage.
Top Three Hold Rates:
- July: 12.3%
- November: 12.0%
- September: 10.5%
The $20 million given in state taxes has been allocated primarily to Virginia’s General Fund, with the remaining 2.5% going to the Problem Gambling Treatment and Support Fund run by the Virginia Department of Behavioral Health.
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