Virginia Reaches $633 Million Sports Betting Handle in December

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Virginia concluded its sports betting activities with a handle totaling $633.2 million for December. This figure represents a slight decrease compared to the $638.8 million achieved in November.

However, the sports betting handle for December not only marked a 26% increase compared to the same month the previous year but also solidified Virginia’s exceptional performance throughout the 2023 fiscal year. In a remarkable trend, every month in 2023 outperformed its counterpart in 2022, highlighting a consistent and impressive growth trajectory in the Virginia sports betting landscape.

Online operators facilitated a considerable portion of the overall betting activity, amassing a substantial $625.5 million in handle. In contrast, traditional brick-and-mortar locations contributed $7.7 million to the total wagered amount.

Bettors amassed a total of $569.6 million in winnings. The online betting community garnered $562.8 million, while bettors who placed wagers in person collectively reaped rewards totaling $6.7 million.

Operators’ Win Percentage Surges to 10% in December

Despite a marginal dip in betting activity for December, the Commonwealth of Virginia observed a substantial surge in overall revenue.

This surge in revenue can be primarily attributed to a rise in the win percentage for the state in December, reaching an impressive hold of 10%. Compared to the previous month’s figure of 6.7%, operators experienced a more favorable outcome, outperforming bettors during this period.

Out of the $633.2 million accumulated in wagers, operators collectively retained $57.1 million in adjusted gross revenue. This figure represents a remarkable 57.3% increase compared to the previous month’s reported earnings.

Online operators secured an overwhelming 98.6% share of the total, translating to a substantial $56.3 million. Traditional retail operators, on the other hand, saw a more modest income, amounting to $916,071.

For the month, allowable bonuses, promotions, and other deductions amounted to $1.9 million and $4.5 million, respectively.

In adherence to state legislation imposing a 15% tax on sports betting operations, Virginia amassed a tax revenue of $8.5 million. This figure marked a significant 36.5% increase from the $5.4 million reported in November.

Virginia Sports Betting Handle Exceeds $5 Billion in 2023

As the 2023 fiscal year ended, Virginia accomplished the elusive $5 billion mark and exceeded expectations by concluding the year with a robust total handle of $5.6 billion.

This outstanding achievement propels the state into an elite group of six, distinguishing itself as one of the select few states to surpass the $5 billion threshold in sports betting handle within a calendar year.

With a diverse array of 16 licensed operators contributing to the market, FanDuel emerged as the dominant force in 2023, displaying its prowess by securing 40% of the market share. This considerable influence cements FanDuel’s status as a critical player and underscores its popularity among avid bettors who consistently choose the platform for their sports-wagering endeavors.

DraftKings secured the second position in the state, boasting a market share of approximately 28.1%. In the third spot, BetMGM followed closely behind, commanding a 12.4% market share.

However, the competitive landscape in Virginia extends beyond the top three players. Each of the remaining 14 operational sportsbooks in 2023 held a market share below 10%. Of these 14, 11 process less than 2% of the yearly handle generated in the state.

Virginia bettors clearly preferred various betting options, with parlays emerging as the top choice – 23.7% of the total wagers. Following closely, the NBA captured a 20.3% share of the bets. Football secured the third spot in popularity, accounting for 15% of the overall bets.

Tennis and baseball also garnered attention, claiming 12.6% and approximately 11% of the total bets, respectively. Furthermore, a range of other sports collectively constituted less than 10% of the total wagers made statewide.

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About the Author
Tebearau Egbe

Tebearau Egbe

Tebearau Egbe is a seasoned gambling writer with over four years of experience. Armed with a Masters degree in philosophy, Egbe possesses a unique ability to dissect complex industry developments, distilling them into insightful narratives that captivate readers.

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