A "fitting finale to a breakthrough year," according to Virginia
Analysts claim that Virginia's sportsbooks had a "fitting finale to a debut year," which saw the state become one of the first to produce more than $3 billion in sports wagers in its first year of existence.
This comes after sportsbooks handled more than $400 million in wagers for the third straight month in December, when they produced $426.6 million in wagers, according to Virginia Lottery data.
The month's wagers increased by 6% from the record-breaking $402.6 million in November, but fell short of the $427.3 million earned in October. Average wagering volume increased from $13.4 million in November to $13.8 million over the course of the 31 days in December, remaining strong.
Sportsbooks made $31.5 million in gross income in December, the second-highest amount ever, while falling short of November's $48.3 million win by 35%. This suggests that bettors had better luck in December than in November.
Sportsbooks spent $17.1m on promotions, which resulted in $10.1m in taxable income and $1.7m in state taxes.
It almost feels disappointing when sportsbooks don't break records these days, but December was still one of the greatest months for Virginia's operators, according to Dann Stupp, principal analyst for PlayVirginia.
"The year concluded with a ton of momentum, which is the most significant thing for the industry. Sportsbooks finished the year on the higher end of forecasts thanks to the last four months of the year.
The first year of Virginia, which began on January 21, 2021, took in $3.2 billion in wagers, ranking seventh among US states, as well as $285.9 million in gross income and $20.3 million in state taxes.
Eric Ramsey, an analyst with the PlayUSA, continued, "As good as the first year of sports betting has been, Virginia's market has not even approached maturity.
"Virginians are still getting used to legal sports betting in all of its forms, so operators will keep looking for new methods to grow their clientele. 2021 was only the start.
