Virginia Sports Betting Handle Increased by 30% in September 2022
The Virginia Lottery announced a 30% increase in September's handle compared to August. The win rate stayed firm, leading to a 35% MoM increase of revenue. Sports betting generated $411.2 million in wagers for the month. Nine of the 13 licensed operators were profitable, giving Virginia $7.3 million.
BetMGM's share of promotional spending increased to 34.7% from January-November 2021. DraftKings' market share decreased from 21.9% to 15.6%, FanDuel's at 28%, and Caesars' share went from 14.2% in 2021 to 8%. Professional basketball is the preferred sport for bettors, accounting for 23.66% of YTD wagers. Baseball is second at 14,1%, football at 10.88%. Parlays is a rapidly growing money-maker for all sportsbooks.
Virginia Sports Betting Handle Increased by 30% in September 2022. Football season is here, casinos are opening, and Virginia’s voluntary exclusion program saw an uptick in enrollment.
