Two more VA sports betting operators should launch in the next few weeks, even though one of them could at least partially start today.
SI Sportsbook planned to go live Wednesday morning but did not, Virginia Lottery Deputy Director of Gaming Compliance Gina Smith said at Wednesday’s board meeting. Google Play did not approve the SI Sportsbook app for launch so that is delayed until all platforms can go live at once.
No more licenses for VA sports betting
There will not be another application period for sports betting next month as there are no more licenses available, Smith said.
The Lottery has not announced the winners of the final two mobile-only licenses. Those operators are working through the regulatory process at a slower pace by their choosing, Smith said.
Virginia’s fifth casino operator also will receive a sports betting license. The only way another license could be added at this point is if a professional sports team moves to Virginia.
FanDuel, DraftKings still lead, share down
Smith also reported handle and promo share by operator for the first quarter. While FanDuel and DraftKings still rank first and second respectively, both saw handle share drop compared to the last report which tracked handle from the January 2021 launch through November.
|Operator||Q1 Handle||Q1 Handle Share||Jan-Nov ’21 Share||Q1 Promo Deductions|
*Handle and promo deductions by operator calculated from operator percentages and total amount provided by the Virginia Lottery, and might not be exact. Hard Rock launched March 31 but was zeroed out in the table.
That drop of about 7 percentage points was spread out to a few operators. BetMGM grew its handle share more than 2 percentage points. Caesars and Barstool both added more than 1 percentage point each.
BetMGM growth tied to promotions?
BetMGM led all sportsbooks with $17.4 million in promotion deductions during the first quarter, or 37.3% of the $46.7 million in total promotions.
That compares to $11.1 million deducted by FanDuel and $8.4 million deducted by DraftKings.
PointsBet, which launched in December, had a 4.2% share of promo deductions that helped it to nearly 2.1% of handle share.
VA sports betting sees strong March volume
Based on the $1.357 billion bet in the first quarter and the $887.4 million already reported for January and February, sportsbooks handled $469.5 million in bets during March.
That is up 16.8% from February and 54.4% from last March. The monthly total is the second-highest total behind the $485.5 million record bet in January.
Smith’s update did not include sports betting revenue figures. Revenue will be reported in the full March report, which should come out by the end of this week or early next.