Virginia did its part in what will be a record-setting October when it comes to sports betting handle as the Virginia Lottery reported an all-time monthly handle record of $427.3 million Wednesday.
It is the 18th state of the 19 to reporting revenue figures for October thus far to have set an all-time monthly handle mark. The popularity of NFL wagering plus having 10 weekend days provided a near-perfect confluence to shatter handle records nearly everywhere nationwide, and bettors in the Old Dominion understood their assignment.
Virginia’s total pushed the overall October national handle to more than $6.13 billion, the first time $6 billion has been reached in a single month. With Illinois, Arizona, and newcomer Connecticut yet to publish their respective reports, $7 billion for the month appears all but assured.
The Old Dominion also became the 10th state in the post-PASPA era to clear $2 billion in all-time handle, and the overall $2.39 billion accepted in wagers is good for eighth nationally, both for the 2021 calendar year and post-PASPA era. Virginia reached the milestone in just under 10 months, ranking just ahead of New Jersey for second (10) and behind Nevada (six).
Some quick math
Running Top 10 states #SportsBetting handle for October:
1 #NewJersey: $1.303B
2 #Nevada: $1.101B
3 #Pennsylvania: $776.3M
4 #Michigan: $497.6M
5 #Colorado: $491.5M
6 #Indiana: $461.1M
7 #VIRGINIA: $427.3M
8 #Tennessee: $375.3M
9 #Iowa: $280.9M
10 #NewHampshire: $98.2M— Chris Altruda (@AlTruda73) December 1, 2021
Virginia’s handle increased 45.4% compared to September as the total also smashed the previous record of $304.1 million established in March. Virginia nearly achieved the double of record handle and revenue as operators posted gross revenue of nearly $30.2 million, down 2.5% from September’s standard of more than $30.9 million.
Promotional revenue, though, accounted for more than half the gross revenue for a third consecutive month as the state’s nine operators reported a combined $15.8 million in that category. Under state law, operators can deduct certain customer acquisition costs from AGR.
While less than September’s all-time high of $17.4 million, it is the fourth time in 10 months of operation promotional revenue has eclipsed $10 million. Promotional revenue is running at a near dead heat with adjusted gaming revenue in Virginia, totaling $90.5 million versus the $90.8 million in adjusted revenue.
There was nearly $4.6 million in additional deductions taken from the gross revenue, leaving nearly $9.8 million subject to the state’s 15% tax rate. Only three of the nine operators finished with a net positive AGR, though the Virginia Lottery did not disclose who those operators were.
The state did collect nearly $1.75 million in taxes for October, raising its overall total to just shy of $14.4 million for the year.
