In February 2022, Virginia sportsbooks experienced a substantial surge in betting activity, with a total of almost $402 million in wagers. This remarkable figure represents a remarkable 51.2% growth compared to the previous year.
The Virginia Lottery published the revenue details for February’s Virginia sports betting on Friday.
Throughout the month of February, the total amount staked by sports bettors in Virginia reached an impressive $401,889,135, averaging approximately $14.3 million per day.
In the month, the operators generated revenue of approximately $27.5 million, resulting in a modest hold of 6.8%. Bettors performed exceptionally well, achieving their highest success rate since February 2021, setting a record handle of 4.6%.
In addition, the lifetime handle for legal Virginia sports betting surpassed $4.1 billion due to betting activity in February.
February 2022 numbers dip after record-setting January
In February 2021, exactly a year ago, bettors placed bets totaling $265.8 million. This marked the inaugural month of legalized betting in Virginia, as the state officially entered the market on January 21, 2021.
After a span of 12 months, we finally have the most recent data to conduct a significant year-over-year analysis. The market experienced remarkable growth, with a YOY increase of over 50% between February 2021 and February 2022.
It is important to mention that in February 2021, there were only five sportsbooks (FanDuel, DraftKings, BetMGM, BetRivers, and Caesars) operating. However, this February, Old Dominion witnessed a significant increase as 11 sports-betting operators were live and accepting bets.
In spite of the year-over-year growth, Virginia sportsbooks observed a slight decrease in betting activity on a month-to-month basis. In the month of January, bettors in VA placed an unprecedented $485.5 million in bets.
These are the year-to-date outcomes for sports betting in Virginia.
| 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 13 complete months of betting, February 2022 recorded the fifth-highest monthly handle.
According to officials, the betting activity on the 2022 Super Bowl made up $33.2 million of the total $402 million handle in February.
Looking ahead: VA sportsbooks in 2022
In the beginning of 2022, Virginia sportsbooks have experienced a significant surge in activity. This can be attributed to the sports schedule, which has provided ample opportunities for extensive betting. It is highly probable that this trend continued into the month of March as well.
- January: NFL Playoffs
- February: NFL’s Super Bowl
- March is the month when college basketball’s March Madness takes over.
Nevertheless, the onset of spring brings about a more relaxed betting routine. Despite the presence of daily MLB matches and the upcoming NBA and NHL playoffs, sports bettors simply don’t engage in betting activities as fervently as they do during the autumn and winter seasons.
Virginia sportsbooks collected a staggering $304 million in bets during March 2021. However, it took them seven months, until November, to achieve such a monthly handle once more.
Is Virginia headed for another slump in spring and summer of 2022? Similar to other states with sports-betting markets, a decline seems inevitable. However, there is room for hope as the Virginia sports-betting industry grows during this year. In fact, this growth may bring about the introduction of in-person retail betting options.
It is highly probable that two out of the four Virginia cities that supported the establishment of casinos will inaugurate temporary gaming facilities this year. Both Bristol and Norfolk are expected to have these mini-casinos, which may also include the provision of retail sportsbooks on their premises.
Furthermore, it is worth mentioning that SI Sportsbook by 888 and Betway, two other online sportsbooks, have obtained licenses and are anticipated to be operational at some point within this year.
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