November Sports Betting Topped $638M In Virginia, Up 23% Annually

Virginia retail and online sports betting operators combined to take $638.83 million in total bets in November, a month-over-month and year-over-year increase.

But the operators can’t benefit much from a betting handle if the revenue decreases, which happened to Virginia sportsbooks in November, according to the Virginia Lottery, the body responsible for gambling regulation.

As the state law imposes a 15% tax on sports betting activity based on each permit holder’s adjusted gross revenue (defined as total bets minus total winnings and other authorized deductions), Virginia operators made just $36.35 million in revenue.

Virginia’s betting handle is among the best in the country

Virginia’s November betting handle is a 23.13% increase from last November. The figure is also an 11.81% increase from October’s $571.35 million.

Of the $638.83 million in November betting handle:

• $632.23 million came from online sportsbooks (an 11.79 % monthly rise)
• $6.60 million came through retail operators (a 14.04% monthly growth)

Virginia was among the top-performing US gambling states during November, and here’s how its monthly handle compared to other states:

1. New York: $2,109,294,400
2. New Jersey: $1,623,072,184
3. Pennsylvania: $934,130,152
4. Nevada: $921,619,677
5. Massachusetts: $654,857,014
6. Virginia: $638,831,057
7. Michigan: $584,142,443
8. Maryland: $550,716,329
9. Tennessee: $517,141,377
10. Indiana: $513,672,424

Virginia gaming revenue declines in November

During November, Virginia operators’ revenue was $36.35 million of which online sportsbooks made $35.97 million, while $380,072 came from retail locations.

Despite an increase in sports betting handle, Virginia gaming revenue decreased from October and November of last year:

• Month-over-month revenue dropped 35.50%
• November revenue figure is also a 31.18% fall from the same time last year

Here’s how the monthly revenue figure fluctuated since the beginning of the year:

• January: $42,127,492
• February: $28,385,249
• March: $47,651,362
• April: $38,932,367
• May: $42,547,380
• June: $26,434,330
• July: $28,210,927
• August: $27,905,144
• September: $45,616,219
• October: $56,364,083
• November: $36,354,936

Virginia tax payments dropped to $5.5 million in November

The total tax payments to the state of Virginia also declined from October’s $8.55 million to $5.48 million in November.

The statute requires 97.5% to go to the state’s General Fund and 2.5% to the Problem Gambling Treatment and Support Fund.

According to the Virginia Lottery’s monthly revenue report, in November:

• $5.34 million went to the General Fund (a monthly decrease of $3 million)
• $137,013.80 went towards Problem Gambling Treatment and Support Fund (over $76,000 monthly decline)