For the first time, Virginia sports betting managed to top $500 million in sports betting handle in October.
According to data from the Virginia Lottery, the state’s 13 sportsbooks collected a single-month record of $528 million from Virginia customers.
The previous record of $485.5 million was set in January 2022.
Breaking down Virginia sports betting numbers
VA sports betting was up 28% from the $411.3 million wagered in September 2022. The $528 million was also up 24% from the same month a year ago. However, only nine sportsbooks were operating in October 2021.
As for tax revenue, the state collected roughly $6.95 million from sports betting, down from the $7.25 million collected a month ago.
Virginia imposes a 15% tax rate on sports betting revenue per law.
October tax breakdown:
- Roughly $6.8 million to the state general fund
- $173,916 to problem gambling
Legal sportsbooks’ numbers could be better
Virginia’s 13 licensed operators reported $45.5 million in gross revenue, down from September’s record $48.3 million. Virginia gamblers have wagered over $3.3 billion on sports for the year, translating to almost $7 million in state tax revenue.
But the yearly total could be much higher.
State law prohibits betting on in-state college sports. Thus, customers cannot bet on the No.3 ranked Virginia Cavaliers (NCAA Men’s basketball).
According to Bill Miller, CEO of the American Gaming Association (AGA), illegal wagering robs state governments of billions of dollars each year.
In a new report, Miller said, illegal sportsbooks steal roughly $13.3 billion in tax revenue each year. This is nearly $2.5 billion more than legal operators generated in 2021.
“Illegal and unregulated gambling is a scourge on our society, taking advantage of vulnerable consumers, skirting regulatory obligations and robbing communities of critical tax revenue for infrastructure, education and more,” Miller said.
“We have always known that the illegal and unregulated market is expansive, but this report illuminates just how pervasive it is.”
Released in November, the AGA report estimates that $511 billion is gambled on illegal and unregulated sportsbooks yearly.
