The Virginia Bookie Industry Gets $265.8 Million in First Month Handle
Virginia recently launched their sports betting business in January 21. Their first 11 days of online sports betting has the state getting $58.9 million in total sports betting handle. And, for its first full month, the Virginia bookie industry records a good $265.8 million in total betting handle. All of the wagers made in the state are done through online wagering. There are no retail or brick and mortar sportsbooks in Virginia.
Given how easy it is to start a gambling website, many can earn profit through online and mobile wagering. For Virginia, the ease of access to sports betting contributes to a great start for the local sports betting market. Out of the $365.8 million for February’s handle, bettors won $253.5 million. The hold is at 4.6% for bookies, but promotions and other expenses bring down the gross revenue to -$3.2 million.
Virginia Bookie Industry Launch
There are, of course, many expenses when you are just launching a sportsbook. In the case of many pay per head sportsbooks, as well as Virginia sportsbooks, bookies can offer promotions, free bets, and other similar promos. This is a good strategy to get in new customers, especially if you are just new to the market. So even if revenue is down for its first month, Virginia can easily make that up in the months to come if they maintain a good number of handle.
In fact, Virginia does well for its maiden month, despite it being February. Many sportsbooks tend to have less handles for this month, so Virginia will likely be getting better numbers for March. In fact, Virginias total sports betting handle for February ranks 7 in the country so far, just behind Colorado. With more sports events coming up in the next few months, learning how to be a bookmaker can be a very profitable venture to explore.