Virginia Sports Betting Handle for October Spikes as Revenue Exceeds $50 Million

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September marked a significant turning point for Virginia’s gambling scene this year, as the state hit the $500 million mark. However, in October, the Old Dominion witnessed a remarkable 10% increase in sports wagering, surpassing the September handle of $520.3 million.

As reported by the Virginia Lottery, the combined betting tally from online and retail sportsbooks soared to a staggering $571.3 million for the month, setting a new high. This figure reflected an 8.2% increase when compared to the same period in the preceding year.

Online sportsbooks emerged as the preferred option for sports bettors in Virginia. Online operators took the lead, contributing significantly to a cumulative betting total of $565.6 million, indicating a massive preference for the convenience and accessibility offered by digital betting platforms. However, while online betting stole the spotlight, retail locations still held their ground, albeit with a much lower total handle of $5.8 million in bets.

Bettors received a generous payout totaling $507.4 million in gross winnings, all achieved against operators’ holds of 11.2%. In this impressive sum, mobile players claimed the lion’s share, securing $502.4 million, while retail players garnered $4.9 million in winnings.

Behind these substantial winnings, marketing deductions totaling $2.8 million were accounted for, reflecting the bonuses and promotions provided to engage and reward players. Additional deductions amounting to $4.8 million were made.

Virginia Hits a Record-Breaking Gross Gaming Revenue of $64 Million in October

The report from Virginia Lottery shows a thriving market, with operators collectively generating a combined gross gaming revenue of $64 million, setting a record in the process.

The state boasts of an adjusted gross revenue of $56.4 million. The online operators emerged as the powerhouse, spearheading this success by contributing a staggering $55.6 million in revenue, underscoring the dominance and growing popularity of online gambling platforms in the state. Conversely, brick-and-mortar retail locations accounted for a modest $801,495 in revenue.

Virginia’s implementation of a 15% tax on sports betting resulted in an $8.6 million injection into the state’s coffers during the month. A sizable portion of this sum, totaling $8.3 million, was deposited into Virginia’s General Fund, fortifying the state’s overall fiscal reserves.

The remaining 2.5% of the revenue, equating to $213,754, was dedicated to funding the Problem Gambling Treatment and Support Fund, emphasizing the state’s commitment to addressing gambling-related concerns by allocating resources for assistance and treatment programs.

October saw a notable uptick in the profitability of sports betting operators in the state, with a total of nine sportsbooks contributing positively towards the tax bill. This increase in profitability represents a significant improvement compared to the previous month.

In September, the number of profitable operators stood at a lesser count of seven. However, August took the lead for the year, boasting the most profitable streak with a remarkable eleven operators in the black.

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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