According to the Virginia Lottery, September 2022 saw a significant increase in sports bets, as football enthusiasts, from Commanders to college teams, eagerly placed their wagers. Virginia sportsbooks amassed an impressive $411.3 million during this period.
September’s $411.3 million is:
- In comparison to August, when football had not yet emerged as a significant factor, there has been a significant increase of 45%, reaching $284.7 million.
- There has been a 40% increase in the amount collected, compared to the $293.9 million collected in the same month last year.
In September, Virginia sportsbooks accumulated a total revenue of $48.4 million after accounting for winning bets and authorized deductions.
In September 2022, a total of nine out of the 13 casinos in the state managed to generate taxable profits. The state’s coffers were enriched by $7.3 million in tax payments from sports bets during that month.
What do Virginia fans bet on?
According to a separate quarterly report by the Virginia Lottery, the prohibition of in-state college sports betting in Virginia has a notable effect. Despite Virginia’s strong tradition in college basketball, the amount of bets placed on NBA games surpasses those made on college basketball games by a ratio of 4-to-1.
From January 2022 to September 2022, the total wagers by sport are provided below. It is important to note that the football season accounts for only a small portion of the first nine months of the year:
- Pro basketball — 23.7%
- Parlays — 20%
- Baseball — 14.1%
- Tennis —12.7%
- Football — 10.1%
- College basketball — 6.1%
- Soccer — 4.3%
- 4.2% of bets are placed on other sports such as golf, MMA, motorsports, and various others.
- Hockey — 3.9%
Behind the September 2022 Virginia sports bets
In January 2021, Virginia welcomed its inaugural round of regulated sports bets, which resulted in a total of $3.2 billion wagered throughout the year.
Virginia has exceeded the industry’s two-year benchmark, even with three reporting months remaining in the second year.
Virginia’s sports betting activities in September 2022 have propelled the state’s total for the year to an impressive $3.3 billion.
- The customers who placed sports bets at Virginia’s 13 sportsbooks earned approximately $357 million, out of the $411.3 million wagered. This resulted in a 13% profit margin for the companies.
- Approximately $6.6 billion in wagers have been placed by customers since the introduction of sports betting in Virginia.
- The total revenue generated from sports betting in Virginia amounts to $602 million over its lifetime.
- Since the inception of sports betting, approximately $50 million in taxes has been amassed by the state.
In Virginia, the state imposes a 15% tax rate on the profits generated from sports betting, as observed from the bets placed in September.
- The general fund received a total of $7.1 million.
- A total of $181,435 was allocated for addressing the issue of problem gambling.
In 2022, the Virginia Department of Behavioral Health receives a designated portion of 2.5% from gaming profits, which is then allocated to the Problem Gambling Treatment and Support Fund. The Virginia Lottery has reported an increase in the enrollment of individuals in the state’s self-exclusion program, with 227 participants recorded thus far in 2022, compared to a total of 174 throughout the entirety of 2021.
FanDuel leads the way so far in 2022
In 2022, the Virginia Lottery has analyzed its market share quarterly, resulting in four breakdowns thus far.
- About 41% of the market share was held by FanDuel VA.
- In Virginia, DraftKings managed to secure a significant 23% share of the market.
- BetMGM holds the third position in Virginia, with a slightly over 19% market share.
- Caesars completes the top quartet with a slightly over 8% share.
In 2022, the 10 remaining Virginia sportsbooks collectively held approximately 9% of the market share.
| Sportsbook | Date of First Bet | |
|---|---|---|
| 1. | FanDuel | Jan. 20, 2021 |
| 2. | DraftKings | Jan. 24, 2021 |
| 3. | BetMGM | Jan. 27, 2021 |
| 4. | BetRivers | Jan. 27, 2021 |
| 5. | Caesars | Feb. 3, 2021 |
| 6. | WynnBet | March 9, 2021 |
| 7. | Unibet | April 28, 2021 |
| 8. | Barstool | Aug. 10, 2021 |
| 9. | Golden Nugget (no longer available) |
Sept. 29, 2021 |
| 10. | Bally Bet | Nov. 24, 2021 |
| 11. | PointsBet | Dec. 12, 2021 |
| 12. | Hard Rock | March 31, 2022 |
| 13. | SI Sportsbook | May 9, 2022 |
| 14. | Betway | May 17, 2022 |
| 15. | bet365 | TBD |
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