Sports Betting in Virginia Off to Record Start

Betting on sports isn’t a new idea, but the forums have changed dramatically in recent years. Rather than going offshore or through your cousin’s sketchy friend, bettors can bet legally in more than 20 states, with others going to or already in legislation. 

Virginia is one of the newer states to pass a sports betting bill, and online offerings kicked off early in 2021. 

According to Sports Betting Dime, Virginia players broke Tennessee’s record for the highest betting handle in a market’s initial three months, putting up a handle of over $628 million in online sports bets. Tennessee, by comparison, was just shy of $524 million in their first three months. Considering Virginians only had the ability to bet 11 days in their first month (Jan. 2021), it’s even more impressive.

Just driving through the state, you can see how top-of-mind it is. FanDuel and DraftKings both have billboards and ads all over. Not surprisingly, they’re the market leaders; FanDuel (53 percent) and DraftKings (24 percent) are eating up more than three-quarters of Virginia’s market share, per the Bristol Herald Courier. BetMGM (14 percent) and Caesers (8 percent) are also players getting their fair share of action.

Virginia bettors aren’t able to bet on college teams within the state (ie: Virginia Tech, VCU, Virginia, etc.), a common practice to keep things on the up and up. Bettors are able to bet on local professional teams, however, such as the nearby Washington Capitals, Wizards, or Nationals. Within the first three months, 50 percent of bets by Virginians were placed on basketball games.

Retail books are the next thing for the state, but that can’t happen until Virginia has brick-and-mortar casinos. Richmond and Norfolk are among the cities with casino projects currently progressing. For now, Virginians who want to bet in person can drive right over the border to Charles Town, WV (Hollywood Casino), or head up to D.C. for William Hill’s retail sportsbook at Capital One Arena.