December Sports Wagering Pushes Yearly Handle to Nearly $5 Billion

December Sports Wagering Pushes Yearly Handle to Nearly $5 Billion
Fact Checked by Michael Peters

Virginia sports betting operators handled close to $5 billion in wagers for 2022 and kicked off the new year adding two mobile sportsbooks in the state.

With December numbers reported by the Virginia Lottery on Wednesday, the state handled $4.9 billion in wagers on sports for 2022, up 52.6% from 2021 ($3.2 billion). This huge growth was echoed in adjusted gross revenue (AGR) numbers coming in at $348,313,222 for 2022, up 166.2% from 2021 ($130,867,157).

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Focusing on December 2022 alone, the month came in third place overall for its handle, AGR, and taxes paid to the state.

December's sports betting handle was recorded as $503,075,150, down 3.03% from the Virginia November revenue report ($518.8 million) and up 17.93% from December 2021 ($426.5 million).

Virginia's all-time-high monthly handle since launching sports betting in January 2021 was reported in October 2022 at $528 million.

After deducting winning bets ($452.3 million), bonuses, and promotions in December, the month's AGR settled at $47,020,497, down 10.99% from November ($52.8 million) and up 364.5% from December 2021 ($10.1 million).

Sports betting operators will pay $7,026,828 in taxes to the state from December's wagering, down 9.7% from November ($7.7 million) and up 306.4% from December 2021 ($1.7 million). Virginia places a 15% tax on sports betting activity based on each sportsbook's AGR.

A portion of the tax payment will be deposited in the state's General Fund and the Problem Gambling Treatment and Support Fund.

Virginia Sports Betting, December vs. November

Total HandleRevenue Taxes
December$503.075M$47.02M$7.026M
November$518.819M$52.825M$7.783M
Change Down 3.03% Down 10.99% Down 9.7%

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New Operators in The Commonwealth

Moving into the new year, Virginia bettors can take advantage of new customer offers with two new sportsbooks in the state.

The state has awarded 16 sports betting licenses to operators since launching VA sports betting apps in January 2021. FanDuel was the first sportsbook to launch in Virginia and is the current leader in the state holding a 41% market share.

DraftKings (23% market share), BetMGM Sportsbook Virginia (18%), and Caesars Sportsbook (8%) follow in the top ranks.

Bet365 and Betfred Sportsbook launched this week as the 15th and 16th sportsbooks to operate in Virginia. Even though 16 permits have been issued, there are only 15 sportsbooks operating in Virginia today. In May, Golden Nugget Online Gaming (GNOG) discontinued operations in Virginia after being acquired by DraftKings. GNOG still holds a sports betting license in Virginia.

Bet365 launched on Jan. 31 followed by Betfred Sportsbook on Feb. 1. Both are based in the United Kingdom.

A Look at Betfred Sportsbook

Betfred Sportsbook announced in December they will be the official sports betting partner of the Loudoun United FC, an American professional soccer team based in Leesburg, Va. Betfred Sportsbook will be the back-of-jersey sponsor for the home and away kits for the 2023 USL Championship Season.

"This is the ideal time to launch sports betting with several major sporting events happening over the coming weeks and months, and of course with the USL Championship season kicking off soon,” said Bryan Bennett, COO of Betfred USA Sports, in a company press release.

The company recently launched Betfred Rewards to reward customers and build loyalty via Fred Bets, bet insurance, game tickets, merchandise, and more.

Betfred Sports is currently licensed in Iowa, Pennsylvania, Colorado, Louisiana, Arizona, Washington, Maryland, Virginia, Ohio and Nevada.

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Author

Keith Stein

Keith Stein is a Virginia-based freelance journalist for BetVirginia.com. He has a combined 27 years of experience in freelance writing, full-time journalism and supporting monthly and weekly news publications. He has also worked as a contributing writer with United Press International.

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