Virginia’s new sports betting continues to set records, with $427 million in wagers cast in October thanks to five weekends of football, postseason baseball, and the opening of the NBA season. Sportsbetting was launched in the Commonwealth on January 21, and October’s results helped make Virginia the fastest state to exceed $2 billion, according to a PlayVirginia press release.
“It took Old Dominion a little less than nine months to reach the milestone. The previous record-holder, New Jersey, took about 10 months to reach $2 billion in wagers,” PlayVirginia said.
Sports betting in Virginia launched January 21, and Virginians have already wagered $865 million, according to press releases from the Virginia Lottery. In April, Virginians wagered $236.43 million according to a May 28 press release.
An attorney for the Las Vegas-based BetMGM sportsbook company has claimed trademark infringement against its Tennessee-based competitor Action 24/7 because of two advertisements that Memphis wrestler Jerry Lawler tweeted this week. The Jerry Lawler ad prompted Las Vegas-based attorney Lindsey A. Williams to send a cease and desist letter to Action 24/7.
Sports fans in Tennessee placed the first legal sports bets in the state this week, as sports wagering became legal Sunday.
Sports wagering is estimated to generate up to $4.5 billion in revenue each year, according to a study by Oxford Economics. The state will collect about 20 percent of that revenue – the second-highest tax rate on sports betting in the country – to support scholarships in the state.