Virginia reports record-breaking 485 5m in handle for January
Virginia’s sportsbooks kicked off 2022 with a bang, surpassing the state’s previous record handle by more than 13% in January
Virginia’s sportsbooks kicked sour 2022 with a bang, surpassing the state’s previous enter hold by more than 13% inwards January.
For the world-class month of the year, operators recognized nearly $500m in wagers, taking the commonwealth’s betting marketplace to unexampled heights.
Bettors wagered close to $485.5m during January, surpassing October’s prior record-setting sum total of $427.3m, according to data released by the Old Dominion Lottery.
Dan Stupp, Lead Analyst for PlayVirginia.com, commented: “Five weekends of football, which included an additional week of habitue season football and expanded NFL playoffs, were unimpeachably a boon for sportsbooks in January.
“Sportsbooks will commence to slow down downwardly after Mar Madness, but the industry made a heavyweight saltation forrad during the football game season, and that has it on solid ground for the yr ahead.”
January’s betting activity was upwardly nearly 14% from December’s $426.6m, piece average out daily wagering grew to $15.7m per day from $13.8m.
From this, sportsbooks won $39.1m, the sec highest porcine revenue in Virginia’s story and upwardly 24% from December’s $31.5m.
After deducting costs, of which nearly $17m went towards promotional spending, sportsbooks generated $18.2m in taxable revenue, which inwards turn over yielded almost $3m for the state’s coffers.
The foremost month of 2022 also pronounced the first of all good yr of sports betting in Virginia, which went live on 21 Jan 2021.
While the state’s wagering securities industry is noneffervescent inwards its infancy, betting loudness has more than doubled since launch.
“Virginia’s sportsbooks stock-still feature important room for growth,” said Eric Ramsey, an psychoanalyst for the PlayUSA.com Network, which includes PlayVirginia.com.
“Over the lowest 5 months, operators have got continued to spread out their contact to new customers. But just as important, case-by-case bettors are wagering to a greater extent than a twelvemonth agone as they turn to a greater extent intimate with the myriad products online sportsbooks are offering.”
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