Virginia Sets Sports Betting Revenue Record, Plus Other Takeaways

Virginia joined the list of states to break its sports betting revenue record in November, nearly doubling the previous mark.

The state just fell short of equaling its record for sports betting handle, which was set in October.

Here are three takeaways from Virginia sports betting numbers, reported on Thursday.

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Sports Betting Revenue Soars

The adjusted gross revenue from sports betting in the Commonwealth hit $29,926,697 for November, up 205.8% from October ($9,785,700).

That easily broke the state record for the market, which launched in January. In fact, November’s total nearly doubled the previous mark of $15.66 million, set in May.

Virginia joined a growing list of states to set sports betting revenue records last month. The big highlights were in New Jersey, which set a national record with $114.8 million in revenue, and Nevada, which nearly hit $72 million in November.

Other states setting records last month were Pennsylvania ($63.7 million), Indiana ($47.7 million), Michigan ($38.8 million), Tennessee ($29.6 million), Iowa ($19.7 million), Rhode Island ($6.7 million) and Oregon ($4.4 million) with a few states still yet to report November numbers.

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Virginia’s sportsbooks reported a hold (win percentage) of 12% in November, much higher than the normal range of 6% to 8%.

The sports betting handle was $402,621,132, down 5.8% from the record set in October ($427,320,306). November’s tally was the second-best handle number since sports wagering joined the list of Virginia gaming options.

Virginia Sports Betting, November vs. October

Tax Revenue Also Sets Record

The taxes collected from sports betting also set a record in November at $4,233,167. That was a 142.4% increase from October’s $1.75 million.

The law in Virginia places a 15% tax on sports betting activity based on each operator’s AGR.

The state has collected more than $18.6 million this year in taxes derived from sports betting.

List of Operators Continues to Expand

In November, according to the Virginia Lottery, which operates sports betting in the state, there were 10 sportsbook operators: FanDuel, Draft Kings, BetMGM, Rivers Casino Portsmouth, Caesars, WSI (Wynn), Unibet, Penn Sports, Golden Nugget and Bally Bet.

Bally Bet launched in time for the NFL games on Thanksgiving Day, so December will be its first full month of operation in the state.

An 11th operator launched in Virginia in December, as PointsBet, based in Australia but expanding its U.S. operations, got underway on Dec. 15 thanks to a partnership with Colonial Downs.