Virginia reports record $485.5m sports betting handle for January

Virginia’s sportsbooks shattered their previous record of $427.3m set in October 2021. 

US.- Legal Sports betting in Virginia has now been going one year old, and in its 12 month of operation the state’s handle reached a new record of $485.5m in January. That’s an increase of 13.8 per cent from December’s $426.6m, shattering the previous record of $427.3m set in October 2021.

Virginia was the fastest state in the US to top $1bn in wagers and it saw nearly $3.4bn in wagers in the market’s first year.

In January, sportsbooks won $39.1m in gross revenue, the second highest revenue to date and an increase over the $31.5m reported in December. Adjusted gross revenue for sports betting was $18.2m, up 80 per cent from December’s $10.1m. Taxes from the 11 licensed operators were $2.9m, up 66.4 per cent from December’s $1.7m.

“Virginia’s sportsbooks still have significant room for growth,” said Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayVirginia.com. “Over the last five months, operators have continued to expand their reach to new customers. But just as important, individual bettors are wagering more than a year ago as they become more familiar with the myriad products online sportsbooks are offering.”

See also: Virginia reports $426.6m in sports bets for December