Virginia Sports Betting Revenue Topped List Of 2021 Rookies
The American Gaming Association released its annual State of the States analysis with details for each state including Virginia.
According to the report, the total revenue for U.S. sports betting was $4.33 billion last year with a handle of $57.71 billion. That’s a massive increase from the $21.6 billion in 2020. There are currently 30 states where sports betting is legal either at retail sportsbooks or on mobile sports betting apps.
Virginia Sports Betting Revenue
For 2021 the AGA reported that Virginia had a total sports betting revenue of $285.9 million in the state’s first year of legal betting. The sports betting handle was $3.22 billion. It was the seventh-largest sports wagering revenue in the country for the year and the highest of the seven states that launched sports betting last year.
Virginia online sports betting is taxed 15% on gross revenue but the sportsbooks are allowed to deduct promotional dollars. Virginia’s gaming tax revenue brought in $20.3 million for the year. Of that amount, $19.8 million went to the General Fund while the rest went to programs offering support and treatment for those with gambling problems.
Virginia sports wagering hit the ground running and is continuing to go strong so far in 2022.
Sports Betting In Virginia
Virginia legalized sports betting in April 2020, and it officially launched in January 2021. As of right now, the only sports betting allowed is on mobile apps with 11 sportsbooks currently available. Virginia’s sports betting bill allows for up to 12 online sports betting licensees.
The available mobile apps include major ones like DraftKings, FanDuel, Caesars, and BetMGM.
When Virginia legalized sports betting it included legalizing up to five land-based casinos to open retail sportsbooks, but local voters also had to approve plans before developers could get final approval. So far four cities have been approved:
Bristol (Hard Rock)
Norfolk (Pamunkey Resort and Casino)
Portsmouth (Rivers Casino Portsmouth)
Danville (Horseshoe Danville run by Caesars)
It’s possible that when these casinos do officially open they will have in-person sportsbooks available but none will fully open before 2023. The only city to have been rejected was Richmond.
Hard Rock Bristol was just issued the first facility operator’s license from the Virginia Lottery Board giving it the green light to become the first retail casino in the state. Hard Rock is set to open a temporary facility in July ahead of the full venue opening in 2024.