Virginia started its second year of legal sports betting much in the way that it ended its first year – by breaking new barriers.
The all-mobile Virginia sports betting market took in $485.5 million in handle for January, easily surpassing the record of $427.3 million set in October.
The state launched sports betting in mid January 2021. Virginia has surpassed $400 in sports betting handle each of the past four months.
State Sports Betting Figures Soar
The exact January sports betting handle of $485,544,417 was a 13.8% increase from December ($426,596,891).
Virginia Sports Betting, January vs. December
|Change||Up 13.8%||Up 80.0%||Up 66.4%|
The revenue was well ahead of December as well, continuing a trend seen around the country for the first month of 2022. The sports betting adjusted gross revenue (AGR) in January was $18,220,567, up 80.0% in a month-over-month comparison to December’s $10,123,398, according to figures posted on Tuesday by the Virginia Lottery.
Tax Coffers and Problem Gambling Fund Benefit
The commonwealth took in $2,876,609 in sports betting taxes for January, a 66.4% boost from December, when Virginia’s coffers saw $1,729,130 in taxes.
The state’s Problem Gambling Treatment and Support Fund allocation for January was $71,915, bringing the total money earmarked for that fund to $580,416 since sports betting launched in Virginia.
Virginia Weighs Gaming Issues
In other Virginia developments, a bill that would allow wagering on in-state college teams did not make it out of the state House. A Senate version advanced out of the Finance and Appropriations Committee in February.
Also in the state Senate, a bill that would prohibit gaming businesses from using the phrase “Virginia Is For Bettors” passed by a 40-0 vote. The bill moved on to the House. The phrase “Virginia Is For Lovers” has been used in statewide promotional and tourism campaigns for decades.
And the famed Colonial Downs horse racing track was acquired by Churchill Downs Inc. along with other assets in a deal with Peninsula Pacific Entertainment. The deal would also see CDI acquire six Rosie’s Gaming Emporium historical horse racing outlets in Virginia. The Virginia Racing Commission must approve the deal, worth almost $2.5 billion, along with similar bodies in other states (the complete deal also includes casinos in New York and Iowa) before it can become final.