Virginia bookmakers kicked off 2022 in style, beating the state’s previous record by more than 13% in January. In the first month of the year, operators accepted nearly $500 million in bets, taking the state’s sports betting market to new heights.
Players wagered approximately $485.5 million in January, surpassing the previous record of $427.3 million, according to data released by the Virginia Lottery.
Dan Stupp, lead analyst at PlayVirginia.com, commented, “Five football weekends, which included an extra week of the regular season and NFL playoffs, were unquestionably a boon for sports betting in January.”
“Sports betting will start to slow down after March Madness, but the industry has taken a giant leap forward during the football season, and that keeps it on solid footing for the year ahead.”
The amount of bets in January increased by nearly 14% from $426.6 million in December, while average daily bets rose to $15.7 million per day to reach $13.8 million.
As a result, sports betting totaled $39.1 million, the second-highest gross revenue in Virginia history and a 24% increase from $31.5 million in December.
After deducting costs, of which nearly $17 million went to promotional spending, sports betting generated $18.2 million in taxable income, which in turn brought in about $3 million to the state’s coffers.
State sports betting market launched in January 2021
The first month of 2022 also marked the first full year of legal sports betting in Virginia, as the market launched on January 21, 2021. While the state’s betting market is still in its infancy, betting volume has more than doubled. since launch.
“Virginia bookmakers still have significant room for growth. Over the past five months, operators have continued to expand their reach to new customers,” said Eric Ramsey, analyst for the PlayUSA.com Network, which includes PlayVirginia.com.
“But just as importantly, individual bettors have been betting for over a year now as they become more familiar with the mix of products online bookmakers are offering.”
