Sports betting: Virginians wagered nearly $59 million in first 11 days of legal gaming

Virginia

The Super Bowl pool is shown in the Fan Duel app on Friday, Jan. 31, 2020.

PORTSMOUTH, Va. (WAVY) — Virginians wagered nearly $59 million in the first few days of legal sports betting in Virginia alone.

The figure was released this week in the Virginia Lottery’s first monthly wagering activity report. Legal sports betting officially launched in the commonwealth on Jan. 21 and the report includes activity until the end of January.

It includes the activities of four licensed sportsbook operators that launched after Jan 21: Betfair Interactive US, LLC (FanDuel), Crown Virginia Gaming, LLC (Draft Kings), BetMGM, LLC, and Portsmouth Gaming Holdings, LLC (Rivers Casino Portsmouth). Caesars Virginia, LLC received its permit in January, but chose to not launch until February, the Virginia Lottery says.

Virginians wagered $58,896,564 in that span, and won $55,310,487. The Virginia Lottery says that’s a combined 6.08% winning percentage.

Virginia law places a 15% tax on sports betting based on each permit holder’s adjusted gross revenue (AGR). That’s defined as total wagers minus total winnings and other authorized expenses.

For more information on sports betting in Virginia, visit the Virginia Lottery’s website.

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