Although Virginia sports bettors are not particularly fond of betting on combat sports, they do have a strong inclination towards wagers that offer lengthy odds and substantial payoffs.
Parlays emerged as one of the most favored bet types in Virginia’s sports betting market during the initial 11 months, as revealed by a recent report from the Virginia Lottery.
In contrast, boxing and mixed martial arts events were the least favored sports for betting. According to the report, only 1.3% of the overall handle was wagered on these two sports during that period.
Despite the odds, Virginia bettors love parlays
A parlay involves placing a bet where the individual must accurately predict multiple outcomes in order to secure a victory. These wagers can range from choosing two distinct games to a substantial 15-leg parlay encompassing both prop bets and game results.
On the other hand, failing to correctly predict all legs will result in losing the bet. Consequently, bookmakers will provide higher payouts for larger parlays.
If you were to bet on the favorite in two different NFL matchups, it would likely result in a slightly better payout than even money. However, if you were to bet on all the Sunday games as a parlay, winning that bet would be worth approximately 15,000 times your initial wager.
If you correctly predict all 15 games, a $20 bet in the second example will yield a significant $300,000 payout. Virginians are irresistibly drawn to these favorable odds.
From January to November of the previous year, approximately 18.5% of the state’s total betting amount consisted of such bets. With a handle of nearly $2.8 billion during that period, this equates to approximately $516.6 million wagered on parlays.
Regrettably, bettors are at a disadvantage as sportsbooks possess the highest hold percentage for those bets when compared to any other wager.
According to research conducted by the University of Nevada Las Vegas Center for Gaming, parlays at sportsbooks hold an average percentage of 30%, while all other types of bets average around 5%.
Virginia sports bettors are a peaceful bunch
Betting enthusiasts in the commonwealth have shown a lack of interest in wagering on combat sports. Mixed martial arts events accounted for a mere 0.6% of the total bets placed, while boxing trailed closely behind with just a fraction of a percent less.
According to the given proportions, a total of $17.36 million was wagered on boxing matches, while a separate sum of $17.92 million was placed on MMA events.
Apart from the Olympic Games, which are infrequent and showcase lesser-known sporting events, there was no sport less favored by gamblers.
Sports that lacked strict categorization still held a greater appeal to bettors in the state.
The category of “Other” sports accounted for 3.7% of the total handle, equivalent to $103.32 million. It seems that Virginians share the same enthusiasm for table tennis as Coloradans do.
In addition to combat sports, Virginians displayed a strong aversion towards violence in other areas as well. They showed little enthusiasm for betting on hockey, the sole major American sport where fistfights are a common occurrence.
Hockey accounted for a mere 2.3% of the total handle, amounting to a substantial $63.8 million.
The reason for the sport’s unpopularity among Virginia gamblers may be attributed to cultural factors and geographical limitations. Although the northern region of the state is in close proximity to Washington, D.C. and likely has a significant number of Washington Capitals fans, the majority of Virginia lacks access to an NHL franchise.
In addition, the majority of southern states lack a lively following for hockey. With the exception of Florida, only Nashville and Raleigh stand as southeastern cities with an NHL team. In fact, it took just over ten years for the Atlanta Thrashers to depart from their city and relocate the Jets back to Winnipeg.
From January to November 2021, let’s analyze how Virginia sports bettors placed their wagers.
| Sport | Percentage of Total Handle | Gross Amount Wagered |
|---|---|---|
| Pro Basketball | 21.51% | $592.2 Million |
| Parlays | 18.45% | $516.6 Million |
| Football | 17.36% | $486.08 Million |
| Baseball | 11.48% | $321.44 Million |
| Tennis | 9.86% | $276.08 Million |
| College Basketball | 6.25% | $175 Million |
| Soccer | 5.74% | $160.72 Million |
| Other | 3.69% | $103.32 Million |
| Hockey | 2.28% | $63.84 Million |
| Golf | 1.61% | $45.08 Million |
| MMA | 0.64% | $17.92 Million |
| Boxing | 0.62% | $17.36 Million |
| Olympic Games | 0.49% | $13.72 Million |
Basketball tops the list
Basketball was the most popular sport in Virginia, surpassing all others in popularity.
In the state, NBA games accounted for the highest percentage of bets, totaling 21.2% of the overall handle. However, when an extra 6.3% from college basketball is included, the gap between basketball and other sports widens significantly.
If the ban on in-state collegiate athletics was lifted, the amount wagered on professional basketball and college games would increase substantially. Currently, gamblers have placed bets totaling $592.2 million on professional basketball and $175 million on the college game.
Given the triumphs of Virginia’s college basketball programs, it comes as no shock that the market has a strong inclination towards betting on them. The University of Virginia, having secured a national title in 2019, remains fresh in memory, while last year’s NCAA tournament showcased the participation of five Virginia colleges.
Football was the preferred option for bettors when they had the choice.
In November 2021, with the availability of basketball and football games, football accounted for 32.1% of the total monthly handle. In contrast, professional basketball contributed 23.1%, while college basketball accounted for another 8.1%.
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