Virginia Sports Betting Up in August With Bigger Spike Coming

Virginia Sports Betting Up in August With Bigger Spike Coming
By Jim Tomlin
Fact Checked by Thomas Leary

The news for sports betting in Virginia was a bit better for August, signaling that autumn abundance was around the corner.

The state’s sports betting handle in August was $284,671,331, up 7.0% from the $266 million the previous month.

That August monthly figure was also 56.1% than August 2021, when the statewide handle in the all-mobile sports wagering market was $182.4 million.

The revenue news for Virginia sportsbooks was even better in a month-over-month comparison. The adjusted gross revenue rose 46.9%, from about $21.4 million in the July Virginia revenue report to $31,442,959 in August. The monthly figure was a massive leap compared to 12 months earlier, up 261.9% from the $8.69 million in August 2021.

The sports betting taxes rose 46.2%, from about $3.06 million in July to $4,474,132. That was more than triple the August 2021 figure of $1.38 million.

Virginia Sports Betting, August vs. July

Total HandleRevenue Taxes
August$284.671M$31.443M$4.474M
July$266.002M$21.399M$3.060M
Change Up 7.0% Up 46.9% Up 46.2%


Football Betting Arriving Just in Time

Despite the slight climb in handle compared to July, there’s no doubt that operators of Virginia sports betting apps were very eager for football to start as August ended.

NFL wagering is the most popular portion of sports betting and college football draws a big share of action as well.

A comparison to 2021 will show why.

Again, in August 2021, Virginia’s sports betting market took in $182.4 million in handle. But last September that figure jumped to $293.8 million, and in October it spiked again to $427.3 million. That started a streak of six consecutive months in which the state’s all-mobile market took in at least $400 million in wagers each month (and almost made it seven with $399.5 million in handle for April).

This year, college football had a smattering of games on the last Saturday of August, but the season began in full force on Sept. 3. The NFL regular season began Sept. 11.

As much as sportsbook operators – and don’t forget to check with us for their best Virginia sports betting bonuses – looked forward to September, the real bonanza should be in October. This month has five NFL Sundays, five college football Saturdays and even five Monday night NFL games.

New Developments in Virginia Gambling

There are no Virginia online casinos yet, but the state is slowly starting to get a gaming scene cranked up at its physical casinos.

In November 2020, four cities in Virginia passed referendums approving the construction of brick-and-mortar casinos: Portsmouth, Bristol, Danville and Norfolk. Votes in the state’s capitol city, Richmond, rejected a proposal.

The Hard Rock Bristol Casino has been taking bets since July 8 and recorded $14.28 million in revenue during August, its first full month of operation. That’s at a temporary facility; the city, on the border with Tennessee, plans to open a permanent casino in 2024 under the Hard Rock banner.

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Contributors

Jim Tomlin has nearly 30 years of experience in journalism, having worked at such publications as the Tampa Bay Times, FanRag, Saturdays Down South and Saturday Tradition. He is a contributing writer and editor for BetVirginia.com.

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