- Virginia sportsbooks saw more than $180 million wagered in August.
- This figure is up 12.7% month-over-month from July.
- Baseball was the most wagered on sport in August but NFL futures bets saw plenty of action along with the MLB.
RICHMOND, Va. – Sports betting fans in Virginia were far more active in August as sportsbooks saw an uptick in bets being placed month-over-month.
While the bulk of the bets came from MLB wagers, many sportsbooks saw futures NFL betting ahead of the 2021-2022 season.
With this increase in betting activity, Virginia projects seeing this growth spurt continue into the NFL season with more money in betting handles and revenue to come.
August Sports Betting Boom
The Virginia Lottery reported $182,418,252 was wagered on sports in August. This is a 12.7% increase from July’s all-time monthly low of $161,901,955.
In terms of sports betting revenue, sportsbooks saw $8,688,064 in AGR. While sports gaming operations had a 9.9% hold rate for $17,967,427 GGR, sportsbooks spent $6,868,639 in promotions and bonuses alongside $2,410,724 in other deductions.
The state saw $1,378,539 in taxes which is slightly down from the $1,864,433 in July but July’s report shows a 12.3% hold rate from sports wagers.
Virginia Expecting Big NFL Numbers
MLB betting saw the lion’s share of action in August with the season in full swing both at sportsbooks and the plate. There was plenty of money being placed on college and NFL futures, as well as some NFL preseason games.
Virginia is expected to see a major boom in activity in its September report due to the NFL season’s opening weeks, as well as college football bets.
This will be the first full NFL season that Virginia will have its market active, after the industry launch in January. Virginia is projecting to break all of its monthly records during the NFL season.
The total betting handle in Virginia since its launch is $1,671,400,854 with $70,696,968 in AGR and $11,074,021.80 in state taxes. Virginia has already proven to be a major regulated sports betting market that still has more to come, as they haven’t even completed a full year as an industry yet.
Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.