Virginia Casino: State reports a ‘fitting end to a debut year’

Virginia Casino: State reports a ‘fitting end to a debut year’

 

Virginia sportsbooks recorded a “befitting finale to a debut year,” analysts say, noting that the region became one of the first states to earn more than $3 billion in sports betting wagers in its inaugural year. 

December to Remember for Virginia 

This comes after sportsbooks took in $426.6 million in wagers in December, marking the third straight month with more than $400 million in wagers.

The month’s wagers increased by 6% from November’s $402.6 million, but fell short of the record $427.3 million collected in October. The average daily wagering volume remained high, increasing to $13.8 million in December from $13.4 million in November. However, bettors fared better in December than they did in November, as sportsbooks collected $31.5 million in gross income, the second biggest on record, despite falling 35% shy of November’s $48.3 million victory.

Sportsbooks generated $10.1 million in taxable revenue with $17.1 million in promotional spending, generating $1.7 million in state taxes. Virginia’s inaugural year, which began January 21, 2021, generated $3.2 billion in wagers, ranking tenth among US states; $285.9 million in gross income; and $20.3 million in state taxes.

Quotes from the Press Release

“Sportsbooks have broken so many records recently that it’s almost depressing when they don’t, but December was still a banner month for Virginia’s operators,” said Dann Stupp, principal analyst for PlayVirginia.

“What matters most for the industry is that the year concluded on a high note. The latter four months of the year aided sportsbooks in exceeding predictions. As remarkable as Virginia’s first year of sports betting has been, the market is far from mature,” remarked Eric Ramsey, an analyst for PlayUSA.

“Virginians are still adjusting to legal sports betting in all of its forms, and operators will continue to explore new methods to grow their customer base. “The year 2021 was only the beginning.”

Avatar

About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.