After a successful rebound, the August 2021 sports betting handle has injected Virginia sportsbooks with renewed energy.
Virginia Lottery officials announced on Friday that a total of $182.4 million was wagered by sports bettors in Virginia during the month of August.
In comparison to July, there has been a significant surge of 12.7%. However, in that particular month, bettors only placed bets worth $161.9 million, marking it as the lowest record since VA sports-betting operators initiated accepting wagers in late January.
The upturn in sports betting observed in August 2021 was partially attributed to the resumption of college football towards the end of the month. This positive trend is a glimpse of the remarkable months to come, as the NFL and NCAA college football schedule are set to take center stage during the fall and winter weekends, potentially breaking records.
A look at August 2021 sports betting totals
In August 2021, there were several NCAAF games, such as the season opener between Nebraska and Illinois, that caught the attention of sports bettors. However, Virginia sports enthusiasts had additional football betting opportunities to explore.
College futures, NFL preseason games, NFL futures, and other specialty markets centered on the gridiron were incorporated, recognizing football as the favored choice for sports bettors.
Historically, bettors typically allocate 50-60% of their yearly betting funds during the last four months of the year.
Nevertheless, Virginia sportsbooks were once again given a small window of opportunity to kickstart the crucial fall season through the MLB season.
Below is the comprehensive breakdown of sports betting revenue for Virginia in August 2021:
| Month | Handle | GGR | Hold % | Promos | Other deductions | AGR | Taxes |
|---|---|---|---|---|---|---|---|
| February 2022 | $401,889,135 | $27,498,133 | 6.8% | $15,816,234 | $3,797,649 | $7,884,250 | $7,884,250 |
| January 2022 | $485,544,417 | $39,050,067 | 8.0% | $16,850,981 | $3,978,519 | $18,220,567 | $2,876,609 |
| December 2021 | $426,596,891 | $31,515,015 | 7.4% | $17,051,709 | $4,339,908 | $10,123,398 | $1,729,130 |
| November 2021 | $402,621,132 | $48,337,037 | 12.0% | $14,993,073 | $3,417,267 | $29,926,697 | $4,233,167 |
| October 2021 | $427,320,306 | $30,160,385 | 7.1% | $15,805,261 | $4,569,424 | $9,785,700 | $1,746,204 |
| September 2021 | $293,851,531 | $30,929,243 | 10.5% | $17,422,068 | $3,172,781 | $10,334,395 | $1,557,498 |
| August 2021 | $182,418,252 | $17,967,427 | 9.9% | $6,868,639 | $2,410,724 | $8,688,064 | $1,378,539 |
| July 2021 | $161,901,955 | $19,965,556 | 12.3% | $4,375,872 | $2,898,664 | $12,691,020 | $1,864,433 |
| June 2021 | $234,943,435 | $22,006,296 | 9.4% | $4,983,544 | $2,125,855 | $14,896,898 | $2,273,995 |
| May 2021 | $226,963,573 | $23,173,549 | 10.2% | $5,168,732 | $2,341,616 | $15,663,201 | $2,381,115 |
| April 2021 | $236,432,523 | $19,442,317 | 8.2% | $5,529,294 | $2,532,886 | $11,380,137 | $1,652,147 |
| March 2021 | $304,066,245 | $26,573,877 | 8.7% | $10,340,533 | $2,388,332 | $13,845,012 | $1,183,487 |
| February 2021 | $265,778,306 | $12,238,730 | 4.6% | $13,187,560 | $2,282,972 | ($3,231,752) | $300,594 |
| January 2021 | $58,896,564 | $3,586,077 | 6.1% | $6,343,077 | $478,612 | ($3,235,612) | $39,710 |
| Total | $4,109,224,266 | $352,443,759 | 8.6% | $154,736,576 | $40,735,209 | $156,971,974 | $24,622,911 |
In August, bettors placed an average of $5.9 million in daily wagers, an impressive 13.4% increase compared to July. It is worth noting that July had set a record low for monthly handle in Old Dominion, with an average daily handle of $5.2 million.
Year-to-date Virginia handle surpasses $1.4 billion
In August, the sportsbooks recorded a gross gaming revenue (GGR) of $17,967,427, which marked a decline compared to July. This decrease can be attributed to a drop in hold, with operators’ winnings decreasing from 12.3% to 9.9%.
In August, the adjusted gross revenue (AGR) stood at $8,688,064, indicating a decline compared to June’s figure of $12,691,020.
The calculation of AGR involves subtracting total winnings and authorized expenses, such as player bonuses and promotions, from total wagers. In preparation for the upcoming fall season, sportsbooks experienced a significant rise in spending during August.
In addition, August generated $1,378,539 in state taxes, with $34,463 specifically allocated for assisting individuals with gambling-related issues.
Fall football means promos galore
In March, VA sportsbooks achieved their highest monthly record with $304.1 million in wagers and $26.6 million in GGR, thanks to the immense betting interest generated by the ever-popular March Madness basketball tournament.
In the coming months, Virginia has a strong possibility of surpassing that record.
One reason for this is the increase in the number of new players during football season. This is mainly due to the higher marketing and promotional efforts made during the football season. Apart from the surge in TV and digital advertisements, sportsbooks also become more generous with their promotions, offering free bets, match deposits, odds boosts, and even free NFL jerseys.
Moreover, throughout the month of March, only five VA sportsbooks (FanDuel, DraftKings, BetMGM, BetRivers, and Caesars/William Hill) were functioning. However, three more have since been added to the lineup, namely WynnBET, Unibet Virginia, and Barstool Sportsbook. The latter made its debut in Virginia on the tenth day of August.
The sports betting improvement witnessed in August 2021 should be regarded as a mere glimpse of what lies ahead in the coming months, especially with the addition of more sportsbooks and the imminent launch of Golden Nugget Virginia.
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