The Virginia Lottery reported that the state’s sportsbook operators claimed $57.5 million in gross revenue for November, marking the third consecutive month the house has cleared $50 million.
The figure was an all-time high in 23 months of sports wagering in the Old Dominion, bettering the short-lived mark of $53.8 million established in September. Operators in Virginia have been performing well above average for much of the year, with November’s 11.1% hold on gross revenue marking the fourth time in the last seven months it was 10% or higher.
The budget amendment limiting promotional revenue deductions that took effect in July again had a notable impact, as the state was eligible to levy its 15% tax on a record $52.8 million in adjusted revenue. Eight of the state’s 13 operators finished with net positive adjusted revenue for November, as the state reaped $7.8 million worth of tax receipts for the month.
In the five months since the rule change, the state has collected $29.5 million in taxes, representing nearly two-thirds of the $44.7 million collected for the 2022 calendar year. That is more than $26.1 million ahead of the same period for 2021.
Handle dips, but another milestone attained
Running Top 10 #SportsBetting handles 2022 YTD (Nov in CAPS):
1 NEW YORK $14.66B
2 NEW JERSEY $9.89B
3 NEVADA $7.82B
4 Illinois $7.69B
5 PENNSYLVANIA ~$6.5B
6 VIRGINIA $4.41B <-NEW
7 MICHIGAN $4.32B
8 Arizona $4.23B* (Sept)
9 Colorado $4.11B
10 INDIANA $4.04B#GamblingTwitter— Chris Altruda (@AlTruda73) December 30, 2022
Virginia sportsbooks accepted $518.8 million worth of wagers in November. That was a 1.7% dip from the record $528 million from October, but still enough to mark the first time the state recorded back-to-back months with at least half a billion dollars in handle. It was also 28.9% higher than the $402.6 million generated in November 2021.
The Old Dominion also became the 10th state to surpass $4 billion handle for the calendar year, accepting $4.4 billion in bets. Handle is up 57.8% compared to the first 11 months of 2021, with the 13 mobile operators and one retail location in Bristol accounting for four more operators than the 10 that closed Virginia’s first full year of wagering.
The state’s sportsbooks have combined for a hold of 9.8% this year, nearly two-thirds of a percentage point higher than 2021. That has contributed to gross revenue surging 69.3% to $430 million. Adjusted revenue has soared versus last year, with the budget amendment the primary reason taxable revenue is up 149.5% to $301.3 million in 2022 compared to $120.7 million for the first 11 months of 2021.
The Virginia Lottery does not disclose monthly handle and revenue figures by operator.
