Finance

Virginia sports bettors wager $628.7m from January to March

| By Conor Mulheir
The Virginia Lottery has released a gaming update for the first months of legal gaming in the state, showing that a total of $628.7m was wagered on sports from the market’s opening on 21 January to 31 March.

While the lottery did not reveal the amount of revenue generated, $1.5m was paid in taxes by operators in the state during the period, with $38,095 going to the Problem Gambling & Treatment Support Fund.

Given the state’s 15% tax rate, this suggests adjusted gaming revenue – after accounting for promotional spend such as bonuses – of $10.2m. Operators spent a total of $30.0m on promotions between January and March, suggesting that gross gaming revenue was roughly $40.1m.

Of the approved operators, Flutter Entertainment-owned Fanduel – the first to launch in the state – took the majority of the market share, at 53%. DraftKings is the state’s next largest operator with 24% of the market share, followed by BetMGM with 14%, Caesars with 8% and Rivers with 1%.

WynnBet, having only started taking bets on March 9, does not hold a significant market share of the wagers placed from January.

Fanduel also accounted for the largest share of promotion spending, at 43%, which DraftKings at 23%, Caesars 20% and BetMGM, Rivers and Wynn spending 10%, 3% and 1% respectively.

BetMGM made the largest tax contribution of all the operators, at $700,025 between January and March. This suggests adjusted revenue of roughly $4.7m, and after accounting for promotional spend, suggests gross revenue of around $7.7m.

Fanduel followed on $547,886, all of which was paid in March, suggesting $3.7m in adjusted revenue, or roughly $16.5m in gross revenue when accounting for promotional spend. DraftKings contributed $275,919, also in March.

Read the full story on iGB North America.

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