Revenue Record Highlights Virginia Sports Betting in November

Revenue Record Highlights Virginia Sports Betting in November
By Keith Stein
Fact Checked by Jim Tomlin

Heading into the home stretch of the NFL regular season and the Super Bowl in February, Virginia sports betting broke another record in November.

November’s Adjusted Gross Revenue (AGR) for sports betting was $52,825,450, breaking the mark of $48,392,691 set two months earlier in September.

Last month’s revenue was up 16.0% from the October Virginia betting revenue report ($45,532,999) and a 76.5% increase from November 2021 ($29,926,697). 

November’s sports betting handle (total money placed as bets) was $518,818,987, down 1.7% from October ($528,029,938) but up 28.9% from November 2021 ($402,621,132). That October handle was a state record and November marked only the second time that the amount bet exceeded $500 million in the commonwealth.

The hold for VA sports betting apps was about 11.1% last month.

November sports betting taxes provided $7,782,639 for the state coffers, up 11.9% from October ($6,956,643) and up 83.8% from November 2021 ($4,233,167). According to the Virginia Lottery, state law dictates that operators pay a 15% tax based on AGR.

Virginia Sports Betting, November vs. October

Total HandleRevenue Taxes
November$518.819M$52.825M$7.783M
October$528.030M$45.533M$6.957M
Change Down 1.7% Up 16.0% Up 11.9%

Virginia Sportsbooks Available

Virginia has 13 online/mobile sportsbooks available to its estimated 8.6 million residents: BetMGM Sportsbook VA, FanDuel, DraftKings, BetRivers, Caesars Sportsbook, WynnBET, Unibet, Barstool Sportsbook, Bally Bet, PointsBet, Hard Rock Sportsbook, SI Sportsbook and Betway.

The Virginia Lottery issued a temporary permit to Bet365 in August and one to Betfred Sportsbook in December, but a launch date has not been announced by either company.

Hard Rock operates the only in-person retail sportsbook in the state after Bristol Casino opened in July.

Rivers Casino Portsmouth will have the second retail sportsbook in the state once its casino opens on Jan. 15. The first brick-and-mortar casino to open in Virginia was Hard Rock's Bristol Casino.

There are no Virginia online casinos available right now, though regulatory officials are eager to expand gaming throughout the state. A study released in October by Virginia's Joint Legislative Audit and Review Commission (JLARC) recommended the Virginia Lottery keep tabs on new gaming opportunities.

The JLARC recommends, “Creating a state policy office within the Virginia Lottery to monitor, study, and advise state officials about new and emerging forms of gaming.”

Maryland Providing Nearby Competition

Neighboring state Maryland just launched online/mobile sports betting in November. Retail sportsbooks came before mobile in the state, launching in December 2021.

There were nine retail sportsbooks already operating in the state before Maryland launched online/mobile services: Live! Casino and Hotel, MGM National Harbor, Horseshoe Casino Baltimore, Ocean Downs Casino, Hollywood Casino Perryville, Bingo World, Greenmount OTB, Long Shot's, and Riverboat on the Potomac.

Over 30 states, plus the District of Columbia, have launched some form of legal sports betting since 2018. All attention will be on Ohio this New Year's as the state will go live with sports betting one minute after midnight on Jan. 1.

Massachusetts should follow behind Ohio with the launch of retail sports betting on Jan. 31. Online/mobile sports betting is due to begin in Massachusetts in March.

quote

Contributors

Keith Stein is a Virginia-based writer for BetVirginia.com who covers sports betting and casinos.

Cited by leading media organizations, such as:

Scroll to top