Virginia records $265.8 million in sports betting revenue
The state of Virginia has recorded $265.8 million in revenue from sports betting throughout the month of February, however its adjusted gross revenue has still recorded yet another loss for the second month in a row because of its high promotional costs.
The legal sports betting market launched towards the end of January in the state, and betting amounts in February reaching a high of 351.3% more than the first 11 days of its launch in January. This was mainly caused by the Super Bowl which brought in over $19 million in bets, making up about 7% of the total bets placed during the month. Revenue after subtracting player winnings was up by 238.9% from January, recording an impressive $12.2 million. Customers were able to win a grand total of $253.5 million.
The Virginia Lottery determines AGR as being bets minus the winnings and other such deductions (such as bonuses). This amounted to a loss of $3.2 million for the entire month, the same amount that was recorded in January.
The lottery went on to explain that this was mainly caused by the high promotional spendings that concerned customer acquisition, since there was only one operator who had a positive AGR during the month of February. Therefore, Virginia acquired $300,594 in betting taxes.
There were five operators who were running their operations in Virginia throughout the month, and these included FanDuel (owned by Flutter Entertainment), DraftKings, Portsmouth Gaming Holdings and Rivers Casino Portsmouth, BetMGM and Caesars Virginia.