Virginia is one of the latest states in the US that has opened its doors to sports betting. And in just 11 days, the bookie industry in Virginia manages to generate $58.9 million in betting handle. Many bookie pay per head industry experts predict that Virginia could be one of the most popular betting markets in the US when the market matures. And it looks like they are off to a good start.
Online sports betting started in the state last January 21. Sportsbooks that will operate on the state will be launching their products on a staggered basis. And in the 11 days, the first 11 days of a legal betting market in the state, 4 sportsbooks have permission to launch.
Bookie Industry in Virginia
The Virginia sports betting market is similar to that of Tennessee- that is, there are no retail sportsbooks. Anyone who wants to place a bet on any sports event in the state can do so online. Online sportsbooks take in bets from their websites or though mobile apps. A good example of this can be seen in this pay per head sportsbooks free trial. Virginia legislators are already in the know as to the market, In fact they have already passed a bill that will allow more sportsbooks in the state. They also allowed residents to bet on the Olympics, a previously prohibited sporting event to bet on.
Looking at the numbers for the first 11 days of the Virginia sports betting market, bookies have a $3.6 million, or 6.08% hold. However, since sportsbooks are launching, they tend to spend more initially on promotions and bonuses. In the first 11 days, we saw bookies spend for promos, as well as other expenses. This means that the adjusted gross revenue for the state is a -3.2 million. As the weeks roll by, experts are confident that this will quickly turn around and generate higher revenues.