The state of Virginia for August 2022 of 284.67 million. Dollar reported online sports betting, arresting a four-month slump, rebounded from US$266m in July.
August’s margin was 87%, down from 90% in July, and the lowest margin for online sports betting since Virginia started in 2021.
Promotional spending for the month increased from US$397,000 in July to US$1.14 million. Year-to-year comps aren’t necessarily bright following the disruption to the sporting calendar last year by the Covid-19 pandemic.
The NFL continues in early September and the NBA a little later – adding two of the top three US online sports betting hotspots to the betting mix, and analysts expect a significant increase (but also promotional costs) on hand from September onwards.
Will the FIFA World Cup become a cannibal?
The year’s betting mix may vary slightly as this financial year also sees the FIFA World Cup, for which the United States Men’s National Team qualifies, be slotted in December instead of the usual June to August slot. An analysis of the other states hosted by each sport would be interesting to know if soccer handle is one of the most popular sports outside of the ‘big three’ and therefore the size of the handle will increase or simply eat the existing handle. .
Total tax collected from the state’s sports betting activity in August was US$4.5m, of which the majority ($4.4m) was allocated to the General Fund allocation and US$111,853 to the Problem Gambling Treatment and Support Fund allocation.
