Virginia Sportsbooks Win Big in August For Sports Betting
August sports betting numbers are starting to roll in, and that includes Virginia. Sportsbooks in the state had a big month, and that trend should continue in future months.
Virginia Sportsbooks Win Big in August For Sports Betting
The Virginia Lottery has finally announced sports betting figures from the month of August, and sportsbooks in the state were able to cash in. According to the report, the hold percentage in Virginia for the month of August was 13% to set a new record for the state.
Posting a win rate of over 10% is nothing new in Virginia as it has been done five other times, but never at this level. The total sports betting handle for the month was $284.7 million to push the state over $6 billion in all-time handle.
Once the numbers for September are officially announced, Virginia will have gone past $3 billion in total handle during the 2022 calendar year. The solid handle number, combined with a high win rate allowed sportsbooks in the state to post a total revenue of $37 million.
The state of Virginia has really started to cash in with tax revenue over the past few months as well as a rule change limits the amount of deductions that come from the total revenue. Virginia collected $4.5 million in tax revenue for the month of August, and the state has already doubled the tax revenue that came in during 2021.
With football on the way, Virginia should see a huge boost in the total handle, but the win percentage will likely fall.
Other States See Similar Numbers
The national hold rate had been trending right around seven percent for months, but things have started to shift in 2022. There are still four states that have yet to announce sports betting totals for August, but the nation is on track to set a new record.
Virginia’s massive haul has the national win rate hovering right around 10%, which would be the first time in history this has been done. Most states see a higher win rate at retail sportsbooks, but the betting in Virginia continues to be done all online.
The total sports betting handle so far in the United States in August is approaching $4 billion, but it should be doubled in September.
Virginia Keeping Pace
Virginia got a late start into the sports betting industry compared to other states, but it has been able to make up ground in a hurry. This state will never be one of the biggest sports betting markets in the United States, but it’s currently a top-10 market.
Total sports betting handle since launch in Virginia is now at $6.18 billion, which puts the state in 9th place all-time. Michigan is slightly ahead of Virginia with a handle over $7 billion, but a full couple of months of football could see the Virginia numbers climb.
Unlike other states, Virginia is not a state that breaks down the monthly handle and revenue reports by operator. Even without those numbers, DraftKings and FanDuel are sitting atop the industry.
