Virginia Sports Betting Sets Revenue Mark in September; Handle Also Spikes

Virginia’s sports wagering handle took a healthy jump in September from August, presumably because of the start of NFL and college football, and the revenue set a state record.

The September Virginia sports betting handle of almost $411.3 million was a 44.5% increase from August (almost $284.7 million) and up 40.0% from September 2021 (more than $293.8 million).

Meanwhile, adjusted gross revenues (AGR) apparently continue to reflect changes made by the commonwealth this year regarding the deductions that sportsbooks can take for promotional expenses. Curtailing those allowances to a degree have resulted in an increase in AGR and consequently, taxes paid to the state. The tax rate in the commonwealth is 15% of the AGR.

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Virginia Sports Betting, September vs. August

	Total Handle	Revenue	Taxes
September	$411.273M	$48.393M	$7.257M
August	$284.671M	$31.443M	$4.474M
Change	Up 44.5%	Up 53.9%	Up 62.2%

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State’s AGR Breaks Mark Set in August

September’s sports betting AGR in Virginia was nearly $48.4 million, easily breaking the state’s record set the previous month. That September total was up 53.9% from the Virginia August sports betting revenue (which was more than $31.4 million) and up 368.3% from September 2021 ($10.33 million).

The threefold increase in same-month year-over-year AGR could be inferred to be a result of the deduction changes.

Tax revenues generally track AGR. In September, taxes from VA sports betting apps were $7,257,403, up 62.2% from August ($4,474,132) and up 366% from September 2021 ($1,557,499). The new promotions-tax policy went into effect for July.

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In Virginia, sports betting is all online with just one bricks-and-mortar casino up-and-running so far. That one is in Bristol, Virginia, near the Tennessee state line. An elaborate Hard Rock is planned for Bristol.

And though there are 14 operators listed in a recent commonwealth report as having some portion of the sports wagering market share for January 2022 to September 2022, just three sports betting operators dominated with more than 90% of the market combined. Those operators are: FanDuel Sportsbook, 40.64%; DraftKings, 22.82%, and BetMGM, 19.30%.

According to the report, BetMGM accounted for 34.7% of the promotions over the January-September period. FanDuel was 28% of the total. DraftKings accounted for 15.6% of promotions.

Virginia sportsbook promo codes are available at BetVirginia.com for wagers on a variety of sports.

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