The sports betting boom has started throughout the United States, and the state of Virginia continued that trend in August. The total sports betting handle in August was $182.4 million, which represented an increase of nearly 13 percent from July.
Betting on the NFL is a big reason for the increase in total handle in Virginia, even though all of the
action was just preseason games in August. September should produce an even bigger total, but that figure likely won’t be announced until some points in November.
Even though there was much more betting action in Virginia during August, the gross sports betting revenue saw a significant drop. Operators saw revenue of just $8.68 million, and that number was all the way up to $12.7 million in July.
The total tax revenue for the state in August also dropped down to just $1.37 million. Virginia still hasn’t seen a ton of tax revenue from sports betting, but that’s another number that will increase throughout the rest of 2021.
FanDuel Gains Advantage
FanDuel is the market leader throughout the United States sports betting industry, and it has gained a
massive advantage in Virginia by partnering with the Washington Football Team. This deal was announced all the way back in January, but it really started to take effect with the beginning of the NFL season.
FanDuel is also the official Daily Fantasy Sports partner of the Washington Football Team, and that is another industry in which it dominates. This NFL franchise continues to look for a new permanent home, and the state of Virginia remains a viable option.
There are currently eight different sports betting operators in Virginia, but more could be on the way at some point.
Retail Betting Still Coming
Retail sports betting is still coming to the state of Virginia, but it’s unclear when that form of sports betting will launch. Virginia is a state that didn’t have any casinos before a gaming expansion bill was passed, and therefore there are not good locations for a retail sportsbook.
Five cities in Virginia will be receiving a new casino as soon as 2022, and some of these projects have started to begin construction. Adding retail betting will help the overall sports betting numbers, but online betting is still expected to lead the way.
New Jersey Still Leads the Way
New Jersey quickly became the sports betting leader in the United States in 2020, and that state has continued that trend in 2021 as well. This state also saw some disappointing totals during the summer months, but it saw a boost in August.
The total sports betting handle for New Jersey in August was $665 million, which was an increase of right around 15% from July. New Jersey is the only state to ever have a monthly handle go over the $900 million mark, and that could happen again soon.
Nevada is currently in the second spot for the month of August, but Illinois still hasn’t announced its monthly totals.
