Virginia Handle Down; Numbers Still Impressive
It has taken the state of Virginia the entire month of December to tally up November sports betting numbers, but they are finally in. There was some hope that Virginia would set another new record for total handle, but that was not the case.
November still provided a great month of sports betting for the state as the total handle was still over $402 million. That was a slight decrease from the $427 million that came in during October, but there were a few reasons for the drop.
October was not only a longer month than November, but it also had one extra weekend of NFL football. That remains the most popular sport to wager on in the United States, and it’s no surprise that it led the way.
November was still the second-highest sports betting handle ever recorded in Virginia, and it should give plenty of momentum heading into next year. Virginia also went over the $2.7 billion mark in total betting handle since the industry became legal in January 2021.
Even though there was a dip in the handle for November, the total sports betting revenue increased considerably. The revenue for the month was nearly $30 million, and the state brought in over $4.2 million in tax revenue from this industry.
Plenty of Options in Virginia
It has not taken Virginia long to become one of the top sports betting markets in the United States, and it is because some of the top sportsbooks have chosen to launch in the state. Since there are no retail sportsbooks in the state, Virginia has allowed online-only operators to launch.
DraftKings Sportsbook and FanDuel Sportsbook continue to lead the way in the state, but there are so many other options as well. Heading into 2022, at least ten online sportsbooks offer sports betting in the state of Virginia.
Even though Virginia does not have a professional team technically in the state, both the Washington Football Team and Washington Wizards continue to attract plenty of betting attention.
Casinos Still Not Ready in 2022
Casinos are coming to the state of Virginia, but they still aren’t going to be available in 2022 either. Five cities were chosen to receive a new casino property, but it has taken some time for the local voters to approve these plans.
Richmond is one of the cities selected to receive a new casino property, but that plan failed. It’s unclear when the capital city will receive a new casino, but it will be well behind the rest of the new properties.
Once these casino properties are up and running, retail sportsbooks can be established as well. Even when retail sports betting becomes an option in Virginia, online sportsbooks are still expected to generate most of the betting interest.