Virginia sportsbook revenue soars to almost $50m in November
The month also saw the state collect a record tax revenue of $4.2m.
November saw Virginia sportsbooks post record revenues as handle soared to over $400m. This marks the third consecutive record-breaking month for the state.
According to the Virginia Lottery, The Old Dominion saw a total handle of $402.6m for the month, a 6% dip from October’s $427.3m. However, this was coupled with sportsbooks winning a record $48.3m, a 60% month-on-month increase from October’s $30.2m.
With these numbers, Virginia is following a nationwide trend of increased betting throughout the fall. Fueled by the return of the National Football League, many states have experienced impressive periods of growth. During this time, Virginia sportsbooks have posted $109.4m in revenue, $1.1bn in handle and $7.5m in state taxes.
“When football and basketball seasons converge, as they did in November, the inventory of games creates a ripe opportunity for sportsbooks,” noted Dann Stupp, lead analyst for PlayVirginia.com. “Importantly, it shows that Virginians have more diverse interests than just football, a sign that sportsbooks won’t be giving up the gains made over the past three months once the football season ends.”
For November, the state earned $4.2m in taxes, from $29.9m in taxable revenue. Moreover, bettors spent $13.4m per day, compared to $13.8m daily for October.
“The importance of basketball is often overlooked,” Stupp added. “In most major markets it is the highest-grossing sport, a product of the number of games played compared with football. And November’s results show that Virginia is following a similar pattern.”
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