Virginia sportsbooks experienced a record-shattering month in October. Fueled by five full weeks of football, the region reached new heights in handle while becoming the first state in US history to reach $2bn in lifetime wagers.
Online sports betting handle for the state reached $427.3m in October, a 45% month-on-month increase and easily a new record, beating the previous one set in March by over $120m. Betting volume per day also saw growth, coming in at $13.8m compared to September’s $9.8m.
While handle shot up, gross gaming revenue experienced a 2.5% dip, coming in at $30.2m. This is only a small decrease from the record-high revenue earned in September, which was $30.9m.
Meanwhile, taxable revenue for the month fell, bringing in $1.7m in state taxes.
This record-breaking month reflects a clear trend among legal and regulated states. As proffesional and college football returned in full swing and the NBA season began betting rose in almost every regulated jurisdiction.
The period also saw two of the nation’s most prominent sportsbooks begin operations, with Bally Bet and Golden Nugget sportsbook entering the stage.
As handle grew Virginia became the first state to reach $2bn in lifetime wagers, yielding $206m in gross gaming revenue and $90.8m in taxable income.
To date, sports betting has raised $14.4m in state taxes for the Old Dominion.
