Virginians Bet Big First Week of Sports Wagering

In just the first 11 days of live online sports betting in the Virginia commonwealth, a total of $58.89 million was wagered with four operators.

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The Impact

• Of that $58.89 million in bets, gamblers won $55.31 million.
• Betting providers took a loss during the 11-day stretch, because they offered $6.3 million in promotional incentives to gamblers in an attempt to gain market share.
• Virginia was able to capilize on the biggest betting event of the year, the Super Bowl.

The New Sports Betting Industry in Virginia Taking Shape

• In releasing the numbers, the Virginia Lottery said it “anticipates additional sports betting operator permits to be awarded in the coming days.”
• At least a dozen companies sit on the waiting list to obtain a license.
• FanDuel was the first company allowed into the Virginia market, launching on Jan. 21.
• DraftKings, BetMGM and BetRivers all launched in the following days.
• Caesars, which will operate under the William Hill brand, launched in early February.

Losing Out

• Unless utilizing an offshore sportsbook or local bookmaker that utilizes a Pay Per Head service with customized wagering websites for clients, Virginia licensed and regulated in-state books cannot take bets on state schools such as the University of Virginia Cavaliers and Virginia Tech Hokies, or games that feature either team.
• The Cavs are one of the most successful college basketball teams in the nation, and one of the most bet on.
• The Hokies have enjoyed great success in college football over the years.

- Gilbert Horowitz, Gambling911.com