Virginia online sports betting up more than 50% since last year
Online sports betting has increased by more than 50% when comparing February 2022 numbers to February 2021 numbers, according to a report released by the online sports betting analysis website PlayVirginia.com.
From last February to this February, wagers increased by about $401.9 million, which is a 51.2% increase from the previous year’s $265.8 million. Sportsbooks earned about $27.5 million in revenue, which is 125.4% increase from last year’s $12.2 million in revenue.
Sports betting dipped in February when compared to January, which is consistent with trends in other states. Although the Super Bowl, which was played in February, brings in a lot of bets, it does not outweigh the bets on multiple playoff games in the previous month.
“The Super Bowl is the most important single event of the year for sportsbooks, but not even it can completely replace January’s five full weekends of football,” Dan Stupp, an analyst for PlayVirginia.com, said in a statement.
“The more important takeaway from February is that year-over-year growth in wagering was more than 50%, offering our first clear view of the growth Virginia’s sportsbooks have enjoyed over the last year,” Stupp added. “That kind of expansion should be the norm for the foreseeable future as the market continues to mature.”
When comparing February to the previous month, the amount of money placed on bets was about 17.2% lower and revenue was down about 29.7%. January set a statewide record for the amount of money wagered on games at $485.5 million. January’s revenue was around $39.1 million.
Eric Ramsey, an analyst for the PlayUSA Network, said that March should see another revenue surge because of college basketball bets during March Madness. Those numbers have not yet been released.
“Thanks to the NCAA Tournament, March should bring another revenue surge before sportsbooks begin their seasonal swoon that will last through summer,” Ramsey said. “The real test is if the market can sustain the year-over-year growth into the football season. If so, it could be an incredibly lucrative fall for Virginia’s sportsbooks.”
Former Gov. Ralph Northam signed legislation to legalize online sports betting in April of 2020. However, online sports betting is still only slightly more than a year old. The bets became legal on Jan. 21 of 2021. February was the first month in which analysts could compare a full month to the previous month from the year before.
This article was originally posted on Virginia online sports betting up more than 50% since last year
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