• About Us / Contact
  • Responsible Gambling
This site contains commercial content
SportsHandle
  • US Sports Betting
    • Arizona
    • Arkansas
    • Colorado
    • Connecticut
    • Delaware
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Mississippi
    • New Jersey
    • New Mexico
    • New York
    • Ohio
    • Oregon
    • Pennsylvania
    • Tennessee
    • Virginia
    • West Virginia
    • Wyoming
  • Pending States
    • California
    • Florida
    • Georgia
    • Missouri
    • North Carolina
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbook Apps
    • FanDuel
    • BetMGM
    • Caesars
    • PointsBet
    • BetRivers
  • Tools
    • Sportsbook Bonuses Explained
    • Sports Betting Revenue Tracker
    • Sports Betting Podcasts
    • Partnership Tracker
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
  • News
No Result
View All Result
SportsHandle
  • US Sports Betting
    • Arizona
    • Arkansas
    • Colorado
    • Connecticut
    • Delaware
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Mississippi
    • New Jersey
    • New Mexico
    • New York
    • Ohio
    • Oregon
    • Pennsylvania
    • Tennessee
    • Virginia
    • West Virginia
    • Wyoming
  • Pending States
    • California
    • Florida
    • Georgia
    • Missouri
    • North Carolina
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbook Apps
    • FanDuel
    • BetMGM
    • Caesars
    • PointsBet
    • BetRivers
  • Tools
    • Sportsbook Bonuses Explained
    • Sports Betting Revenue Tracker
    • Sports Betting Podcasts
    • Partnership Tracker
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
  • News
No Result
View All Result
SportsHandle
No Result
View All Result

Virginia Extends Streak Of $500 Million Handle Months To Four

Non-promotional deductions double to more than $6.8 million, impacting adjusted revenue

Chris Altruda by Chris Altruda
March 1, 2023
in Industry
Virginia January 2023 revenue report
Share on FacebookShare on Twitter

The Virginia Lottery reported sports wagering handle of nearly $513.2 million for January on Wednesday, the fourth consecutive month the Old Dominion crossed the half-billion dollar threshold.

It was the third-largest handle in 25 months of wagering in Virginia, trailing only the $528 million last October and $518.8 million the following month. January’s handle was 2% higher than December’s $503.1 million and a 5.7% improvement on the $485.5 million in accepted wagers to start 2022.

Operators cooled off slightly, combining for a statewide hold just shy of 9.7% to claim $49.7 million in gross revenue. It was just the second time in six months the hold slipped below double digits, but the statewide win rate on gross revenue in Virginia has been 9% or higher in nine of the last 10 months.

Gross revenue was down 1.9% from December but also up 27.3% compared to the same period last year. After deductions and promotional spend, the state could levy its 15% tax on $42.1 million in adjusted gross revenue. That was a decline of 10.4% versus December but more than double the $18.2 million from January 2022, as the percentage of taxable revenue surged from 46.7% last year to 84.7% this year.

The state collected close to $6.4 million in tax receipts to start the year, lifting the all-time total since launch to just shy of $78.5 million. Nearly 55% of that amount has come in the seven months since the budget amendment took effect prohibiting deductions by operators that have conducted sports wagering in the state for more than 12 months. A bill that would have allowed mobile operators to exclude up to 1.75% of their handle was tabled last month in state legislature.

Non-promo deductions jump to $6.8 million

All-time Top 10 #SportsBetting handles post-PASPA (Jan in CAPS)

1 NEW JERSEY $34.8B
2 NEVADA $30.4B
3 PENNSYLVANIA $19.66B
4 Illinois $18.7B
5 NEW YORK $18.45B
6 INDIANA $10.93B
7 Colorado $10.2B
8 MICHIGAN $9.4B

9 VIRGINIA $8.65B <-NEW

10 TENNESSEE $7.3B#GamblingTwitter

— Chris Altruda (@AlTruda73) March 1, 2023

The Virginia Lottery does not disclose handle and revenue information by operator, but it does disclose total promotional spend and other deductions. The allowable promotions and bonuses for January totaled nearly $770,000, with Betfred and Hard Rock likely providing the bulk of that amount as the former launched operations in late December and the latter still is in its first 12 months of operations.

Deductions, which include negative adjusted gross revenue carryover allowed for operators, more than doubled from December to more than $6.8 million. That is the highest monthly total recorded since launch and could mean a mobile operator or operators had a rough January considering the combined total of AGR carryover among operators from December to January was just shy of $775,000.

The Virginia Lottery reported 10 mobile operators finished with positive AGR in January that could require tax payments on their part.

ShareTweetShare
Chris Altruda

Chris Altruda

Chris Altruda has been a sportswriter with ESPN, The Associated Press, and STATS over more than two decades. He recently expanded into covering sports betting and gambling around the Midwest. His Twitter handle is @AlTruda73 and can be reached via email at [email protected]

Related Posts

Virginia 2023 February revenue report
Industry

Virginia Sports Wagering Revenue Dips Under $40 Million For February

March 31, 2023
Virginia 2022 numbers fun with FOIA
Analysis

Virginia 2022: FanDuel’s Dominance, Promotional Play, And Carryovers

February 14, 2023
Load More

Top Stories

taylor mathis

Taylor Mathis Got Sacrificed At The Altar Of Responsible Gambling

March 20, 2023
fanduel baseball wall

Premade Same Game Parlays Are Sucker Bets

March 13, 2023
maginfier-over-small-print

Read The Fine Print: A Proposed Federal Rule Could Change Everything For Indian Gaming

March 6, 2023
roman reigns wwe

Colorado Denies Report Stating That It’s Considering WWE Wagering

March 8, 2023

State Sports Betting Guides

Ohio (U.S. state) flag waving against clear blue sky, close up, isolated with clipping path mask alpha channel transparency, perfect for film, news, composition

Ohio Sports Betting – All Online Sportsbooks, Bonus Offers, and News 2023

by Brian Pempus
March 31, 2023

Downtown Detroit at twilight (Shutterstock)

Michigan Sports Betting – Where To Play, Online Sportsbooks, And FAQ

by Brett Smiley
March 27, 2023

VA captial

Virginia Sports Betting – Where To Play, Online Sportsbooks And Bonus Offers

by Brett Smiley
January 17, 2023

nj flag

New Jersey Sports Betting — Where To Play, Online Sportsbooks, And FAQ

by Brett Smiley
March 22, 2023

pa online sportsbooks

Pennsylvania Sports Betting – Where To Play, Online Sportsbooks And Bonuses

by Brett Smiley
October 6, 2022

Canada Sports Betting Guides

Canada Sports Betting – Best Sportsbook Apps & Bonus Offers

British Columbia Sports Betting – Legal Update, Available Sportsbooks, and FAQ

Ontario Sports Betting – Legal Status And Where To Play

SportsHandle

  • Analysis
  • Casino
  • Features
  • Horse Racing
  • Industry
  • Legal
  • Legislation
  • Opinion
  • Podcasts
  • Poker
  • Politics
  • Promotions
  • Regulation
  • Sports
  • Uncategorized

Better Collective

This website is owned and operated by Better Collective USA. Trademarks and copyrights referenced on this website are and shall remain the exclusive property of their respective owners and/or licensors. Please be sure to visit the operator’s website(s) to review their terms & conditions. We advise you to read these carefully as they contain important information. Copyright Β© 2023 USBets.com | Better Collective USA
21 Play Responsibly
Gamble Aware West Virginia
Gambling Problem? Call 1-800-Gambler.
GameSense

Search Sports Handle

No Result
View All Result
  • About Us / Contact
  • Responsible Gambling

No Result
View All Result
  • US Sports Betting
    • Arizona
    • Arkansas
    • Colorado
    • Connecticut
    • Delaware
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Mississippi
    • New Jersey
    • New Mexico
    • New York
    • Ohio
    • Oregon
    • Pennsylvania
    • Tennessee
    • Virginia
    • West Virginia
    • Wyoming
  • Pending States
    • California
    • Florida
    • Georgia
    • Missouri
    • North Carolina
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbook Apps
    • FanDuel
    • BetMGM
    • Caesars
    • PointsBet
    • BetRivers
  • Tools
    • Sportsbook Bonuses Explained
    • Sports Betting Revenue Tracker
    • Sports Betting Podcasts
    • Partnership Tracker
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
  • News