• 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
    • 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
    • Guide To ‘Risk-Free’ Bets
  • 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
    • 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
    • Guide To ‘Risk-Free’ Bets
  • News
No Result
View All Result
SportsHandle
No Result
View All Result

Virginia Tops $500 Million In Single-Month Sports Betting Handle For First Time

The Old Dominion also becomes the ninth state to surpass $7 billion in all-time handle

Chris Altruda by Chris Altruda
December 1, 2022
in Industry
Virginia 2022 October revenue report

Shutterstock

Share on FacebookShare on Twitter

Virginia in October cleared $500 million in sports wagering handle for the first time in state history, as the Virginia Lottery on Thursday reported $528 million worth of wagers for the month.

The Old Dominion became the 10th state to have a monthly handle surpass a half-billion dollars, easily bettering its previous record of $485.5 million, set in January. Virginia also became the ninth state to clear $7 billion in all-time handle in the post-PASPA era, which began in May 2018.

Operators reported $51.2 million in gross revenue to mark the first time gross revenue topped $50 million in back-to-back months. That figure was 3.4% lower than September’s record $53.8 million, as the 9.7% hold for October, though solid, was more than three full percentage points lower compared to the all-time high of 13.1%.

Promotional credits were less than $1 million for the second time in four months, with the $963,187 awarded barely half of September’s $1.7 million. Adjusted revenue carryovers and other deductions for operators totaled $5.6 million, leaving the state eligible to tax $45.5 million in adjusted revenue.

Tax coffers filling faster since rule change

October #SportsBetting numbers for #Virginia via @VirginiaLottery, a 🧵. 2022 vs 2021 YTD

Han: $3,893,060,312 (⬆️62.7%)
GGR: $373,015,972 (⬆️81%)
GGR WR: 9.58% (⬆️0.97 pts)
AGR: $248,467,275 (⬆️173.6%)
AGR WR: 3.8% (⬆️2.58)
Tax: $36,956,217 (⬆️$22,578,481)

4/x #GamblingTwitter

— Chris Altruda (@AlTruda73) December 1, 2022

The state collected close to $7 million in tax receipts, lifting its total for the year to nearly $37 million. The budget amendment passed in June that restricted operators who had been conducting wagering in Virginia for more than 12 months to deduct promotional revenue has resulted in a dramatic uptick in tax revenue.

The 2022 total is $22.6 million ahead of last year’s pace and October’s amount was $5.2 million more than the same month in 2021. The $21.7 million collected in the last four months accounts for nearly 38% of the $57.3 million in overall taxes collected since launching in January 2021. The adjusted revenue has been at least 80% of gross revenue in each of the last four months after failing to reach 70% in the first 18 months of wagering.

The October year-over-year metrics showed large increases, with handle up 23.6%, gross revenue up nearly 70%, and the adjusted revenue showing a more than four-fold increase. In terms of full-year comparisons through 10 months, handle is up 62.7% to nearly $3.9 billion, while the $373 million in gross revenue is 81% more than 2021.

The Virginia Lottery does not disclose operator handle and revenue but did note seven operators finished with positive adjusted gross revenue eligible for taxation.

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 caltruda@bettercollective.com

Related Posts

Credit: Geoff Burke-USA TODAY Sports
Promotions

FanDuel Sportsbook Promo Code: $3K No Sweat Bet for UVA at Syracuse CBB

January 30, 2023
Kansas scenic
Industry

Kansas King Of Consistency In Sports Wagering Handle

January 11, 2023
Load More

Top Stories

patrick mahomes

Mahomes’ Ankle Speculation Twists Line Movement In Chiefs-Bengals Rematch

January 27, 2023
fanatics-grand-opening

Fanatics Sportsbook At FedEx Field Offers Unique Retail Option In Maryland

January 23, 2023
Shutterstock

Missouri Legislators Lament Exodus Of Bettors To Neighboring States

January 27, 2023
rob gronkowski adam vinatieri

Rob Gronkowski Goes Training Montage Route In Latest FanDuel Spot

January 17, 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 – Where To Play, Bonus Offers And Promo Codes

by Brian Pempus
January 25, 2023

Downtown Detroit at twilight (Shutterstock)

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

by Brett Smiley
January 30, 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
October 20, 2022

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

gambling therapy
ncpg
igaming ontario
If you or someone you know has a gambling problem, crisis counseling and referral services can be accessed by calling 1-800-GAMBLER (1-800-426-2537) (IL). Gambling problem? Call 1-800-GAMBLER (MI/NJ/OH/PA/WV), 1-800-9-WITH-IT (IN), 1-800-522-4700 (CO), 1-800-BETS OFF (IA), 1-888-532-3500 (VA) or call/text TN REDLINE 1-800-889-9789 (TN).
19+. Please play responsibly. Terms and conditions apply. 
Individuals must be 19 years of age or older to participate in igaming in Ontario. Gambling can be addictive, please play responsibly. If you, or someone you know, has a gambling problem in Ontario and wants help, please visit ConnexOntario or call their helpline at 1-866-531-2600. Operators on this website operate pursuant to an Operating Agreement with iGaming Ontario.

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
    • 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
    • Guide To ‘Risk-Free’ Bets
  • News

loading

Please wait while you are redirected to the right page...

Please share your location to continue.

Check our help guide for more info.

share your location