SuperBook Sports, a prominent sportsbook with its roots dating back to Las Vegas in 1986, has now extended its presence to the state of Virginia. This expansion marks the ninth state where SuperBook Sports offers its services, further solidifying its footprint in the competitive US sports betting landscape. In addition to this exciting development, Virginia’s sports betting market has shown significant growth, with impressive handle figures and noteworthy details about tax revenues and permit holders.
SuperBook Sports’ Expansion:
SuperBook Sports, established in Las Vegas, Nevada, in 1986, ventured into mobile sports betting in Colorado in 2020.
With the recent addition of Virginia to its roster, the sportsbook now operates in a total of nine states, joining Arizona, Iowa, Maryland, New Jersey, Ohio, and Tennessee.
SuperBook Sports’ Leadership Perspective:
Mark Lipparelli, CEO and managing partner of SuperBook Sports, expressed his enthusiasm for the continued growth, highlighting the strong history and quality product that the sportsbook brings to Virginia.
Jay Kornegay, the executive vice president of race & sports book operations at SuperBook Sports, emphasized the alignment of SuperBook’s expansion into Virginia with the passionate sports culture in the region. The sportsbook intends to cater to fans’ interests, offering a wide array of options, from the Commanders to the Ravens and the Nationals to their proud partners, the Orioles.
Virginia’s Sports Betting Market Performance:
Virginia’s sports betting market witnessed robust growth, with a handle of $319 million in August, representing a substantial 12.1% year-on-year increase. These figures were reported by the Virginia Lottery.
The adjusted gross revenue (AGR) in August reached $27.9 million, although it showed an 11.3% decrease from August 2022.
Notably, mobile sports betting played a significant role in AGR, accounting for $27.5 million. Retail sports wagering contributed $410,354 to AGR, with the state’s three casinos having yet to provide retail sports wagering in August 2022.
Taxation and Permit Holders in Virginia:
Virginia taxes sports betting at a rate of 15%, and the state boasts 16 approved sports wagering permit holders.
Of these permit holders, 11 operators reported net positive adjusted gross revenues (AGR) in August. This led to tax payments amounting to $4.2 million for the month.
SuperBook Sports’ expansion into Virginia underscores its growth and presence in the US sports betting market. The state of Virginia, with its substantial sports betting handle and tax revenue, demonstrates its position as a dynamic and promising market for both established and emerging sports betting operators. This growth is indicative of the increasing popularity of sports betting in the United States, with Virginia being a key player in this trend.