Virginia’s $10 Billion Handle Headlines Recent Sports Betting News
Across the industry, noteworthy events have taken place. Virginia sportsbooks have seen $10 billion in lifetime wagers. Fanatics Sportsbook has launched its offering in Maryland. Kentucky Gov. Andy Beshear iterates the commitment to sports betting launch by NFL season. We will break down the legal sports betting news in these markets.
Virginia Reaches All-Time Sports Betting Milestone
The Virginia Lottery released the sports betting handle and revenue report for April 2023. Residents wagered $425,982,859 during the month, with $422,465,093 coming from mobile betting sites. Sportsbooks saw a 10.59% hold rate in April, raking in $38,932,367 in total sports betting revenue. The full sports betting breakdown is below:
Virginia April 2023 Sports Betting Breakdown
| Categories | Mobile Operators | Casino Retail Activity | Total April 2023 |
|---|---|---|---|
| Gross sports gaming revenues | $422,465,093 | $3,517,766 | $425,982,859 |
| Gross winnings | ($377,701,096) | ($3,159,885) | ($380,860,981) |
| Allowable Bonuses and Promotions | ($1,941,696) | $0 | ($1,941,696) |
| Other deductions | ($4,119,496) | ($128,319) | ($4,247,815) |
| AGR (Adjusted Gross Revenue) | $38,702,805 | $229,561 | $38,932,367 |
April’s handle saw Virginia reach the landmark of $10 billion in total wagers since its launch. That makes Virginia the ninth market to surpass $10 billion in wagers since PASPA was repealed. Previous markets to do so include New Jersey, Nevada, New York, Illinois, Pennsylvania, Indiana, Colorado and Michigan.
Virginia sports betting has only been active since January 2021, meaning it reached this milestone in just 28 months. The market is thriving, surpassing $400 million in betting handle for the eighth consecutive month. Additionally, April 2023’s betting handle represents a 6.6% increase year over year. The Virginia betting market continues growing over time.
Fanatics Meets Maryland
Fanatics Sportsbook has entered Maryland with its extended beta offering. This now marks the fourth state to host Fanatics. Ohio, Tennessee and Massachusetts have all followed the same beta process that will be ongoing in Maryland. Instead of a universal statewide launch, select Fanatics customers receive a code (via email) to access the sportsbook.
With this launch, Fanatics is the 10th mobile betting operator to offer Maryland sports betting. Below are the other nine operators that are currently active in Maryland.
- Barstool Sportsbook (operator for PENN Maryland/Hollywood Casino in Perryville)
- Betfred Sportsbook (operator for Long Shot’s in Frederick)
- BetMGM (operator for BetMGM Maryland Sports/MGM National Harbor in Oxon Hill)
- BetRivers (operator for Arundel Amusements/Bingo World in Brooklyn Park)
- Caesars Sportsbook (operator for CZR Maryland Mobile Opportunity/Horseshoe Casino in Baltimore)
- DraftKings (Crown MD Online Gaming)
- FanDuel (operator for PPE Maryland Mobile/Live! Casino and Hotel in Hanover)
- PointsBet (operator for Riverboat on the Potomac in Charles County)
- SuperBook (SBOpco, LLC)
A universal full launch for Fanatics Sportsbook has not yet been announced, however, the beta offering will be accessible to select players in Maryland. More users will gain access to Fanatics sports betting over time as the operator continues its slow launching strategy.
Marylanders now have a new way to get in on the action.
Kentucky NFL Launch Target Backed By Governor
Gov. Andy Beshear spoke this week at the Team Kentucky press conference. There, he shared his desire to launch sports betting in time for the upcoming NFL season. This launch window has the backing from many lawmakers in Kentucky.
“I will tell you, this is a very ambitious goal to get this launched by the NFL season,” Beshear said. “But every single one of our cabinets and the (Kentucky) Horse Racing Commission have all committed to making it happen.”
The sentiment supports statements made by Sen. Damon Thayer regarding the target by the Kentucky Horse Racing Commission. The commission oversees sports betting in the Bluegrass State and has targeted the NFL season since sports betting was signed into law.
“I have spoken with Jonathan Rabinowitz, the chairman of the racing commission, and his hope is to move faster than that and potentially have brick and mortar sports betting available by football season in the fall,” said Thayer to Local 12.
With many lawmakers in support of this launch window, the strong possibility of Kentucky sportsbooks launching on time remains. Locals may be just a few months away from having online sportsbooks at their disposal.
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