Virginia Sees Stellar First Year Of Regulates Sports Betting

• 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.

This is in spite of being live far less time than several other states that it has passed by, such as Mississippi and Arkansas.

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.

News tags: Arkansas | Mississippi | Problem Gambling Treatment and Support Fund | Virginia | Virginia Department of Behavioral Health.