The Virginia Lottery has published data on the levels of wagering at state sportsbooks in January 2022, revealing a record monthly handle of $485.5m.
Aided by NFL action taking place during every weekend of the month, Virginia sportsbooks beat its previous high ($427.3m), set in October 2021, by 13.8%.
The daily wagering average improved to $15.7m over the 31 days of the month, up $13.8m from the previous month.
Dann Stupp, a lead analyst for PlayVirginia.com, which tracks the state’s sports betting market, commented: “Five weekends of football, which included an extra week of regular season football and an expanded NFL playoffs, were unquestionably a boon for sportsbooks in January.
“Sportsbooks will begin to slow down after March Madness. But the industry made a giant leap forward during the football season, and that has it on solid footing for the year ahead.”
January 2022 was the second-best all-time gross revenue month in Virginia sportsbook history, earning $39.1m. The taxable revenue was $18.2m after $16.9m in promotional spending and $4m in other deductions, which yielded $2.9m in state taxes.
Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayVirginia.com, added: “Virginia’s sportsbooks still have significant room for growth. 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.”
Sports betting in Virginia only began in January 2021 but the industry has enjoyed significant growth in that period, more than doubling its betting volume since its inception.