Virginia Sports Betting Handle Enjoys Strong November Revenue
LISTEN TO THIS ARTICLE:Sportsbooks in the US state of Virginia enjoyed a robust finish to the year 2023, showcasing a vibrant betting landscape. In November, these establishments collectively handled an impressive $638.8 million in sports wagers, marking a remarkable 23% surge compared to the previous year. This substantial year-on-year growth underlines the flourishing sports betting industry in Virginia.
The positive trend extended across both online and retail sports betting platforms as the sector continued to thrive. Notably, the revenue figures for November soared by nearly 12%, further solidifying the state's position as a sports betting hub. This strong performance followed the commendable $571.3 million in trading figures reported in October 2022, demonstrating sustained momentum throughout the final quarter of the year.
Virginia's success in sports betting can be attributed to various factors, including a well-regulated market, a wide array of betting options, and growing consumer interest in sports events. As this trend continues, it is expected that the state's sports betting industry will remain a significant contributor to its economy.
Related: Virginia Cracks Down on Gas Station Skill Games with New Ban
Hold Rate for Sportsbooks Decreases
Despite the increased revenue for November, the hold rate for sports betting in Virginia slipped to 6.7%, seeing a figure of $36.3 million, which was down from $56 million in October. This translated to a decrease in gross gaming revenue GGR of 25% in November in comparison with the same period in 2022.
Due to the lower hold rate, the total tax figure for the combined sportsbooks in Virginia came in at $5.5 million, which is a drop from $8.5 million for the previous month last year.
With the sports betting operators returning a total Adjusted Gross Revenue (AGR) of more than $35 million, gaming regulation authorities levied a 15% tax on this sum, resulting in a $5.5 million contribution to the state’s economy.
Under the terms of the Virginia state gaming guidelines, this saw the General Fund Allocation receive $5.34 million of the revenue. A further figure of $137,000 has been earmarked for the Problem Gambling Treatment and Support Fund Allocation, which goes towards helping players who have suffered gambling-related harm.
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