Virginia Sportsbooks Post Record Win From $400M In November Wagering
In November 2021, Virginia sportsbooks experienced their most profitable month to date, with revenue reaching almost $50 million from over $400 million in wagers. This resulted in a record-breaking month of tax revenue for the state.
According to Play Virginia, which monitors Virginia’s sports betting market, Virginia has recently achieved a remarkable increase in sports betting revenue. This surge in revenue marks a historic trend, with three consecutive months of record-breaking revenue, joining the nationwide surge in sports betting this fall.
Dann Stupp, lead analyst for play-virginia.com, emphasized that the convergence of football and basketball seasons in November provides a favorable chance for sportsbooks due to the abundance of games. This also indicates that Virginians have a broader range of interests beyond just football, indicating that sportsbooks will continue to thrive even after the football season concludes.
November 2021 another big month for VA sportsbooks
According to data released by The Virginia Lottery on Thursday, Virginia’s sportsbooks received $402.6 million in wagers in November, which was 6% lower than the previous month’s $427.3 million.
In November, the daily betting volume decreased to $13.4 million, down from $13.8 million in October, spanning a 30-day period.
Sportsbooks set a new record by winning $48.3 million, which is a staggering 60% increase from the $30.2 million generated in October and surpassing the previous record of $30.9 million achieved in September. After deducting $14.9 million spent on promotions, the taxable revenue amounted to $29.9 million, resulting in a record-breaking $4.2 million in state taxes.
The sportsbooks recorded a 12.0% hold, which is the second-highest ever seen in the state. This was partially due to unfortunate outcomes in NFL games during November. Additionally, the higher hold can be attributed to the increased popularity of online in-game betting, which generally generates a higher percentage of retained wagers compared to traditional forms of betting.
| Month | Handle | GGR | Hold % | Promos | Other deductions | AGR | Taxes |
|---|---|---|---|---|---|---|---|
| February 2024 | $401,889,135 | $27,498,133 | 6.8% | $15,816,234 | $3,797,649 | $7,884,250 | $7,884,250 |
| January 2024 | $485,544,417 | $39,050,067 | 8.0% | $16,850,981 | $3,978,519 | $18,220,567 | $2,876,609 |
| December 2021 | $426,596,891 | $31,515,015 | 7.4% | $17,051,709 | $4,339,908 | $10,123,398 | $1,729,130 |
| November 2021 | $402,621,132 | $48,337,037 | 12.0% | $14,993,073 | $3,417,267 | $29,926,697 | $4,233,167 |
| October 2021 | $427,320,306 | $30,160,385 | 7.1% | $15,805,261 | $4,569,424 | $9,785,700 | $1,746,204 |
| September 2021 | $293,851,531 | $30,929,243 | 10.5% | $17,422,068 | $3,172,781 | $10,334,395 | $1,557,498 |
| August 2021 | $182,418,252 | $17,967,427 | 9.9% | $6,868,639 | $2,410,724 | $8,688,064 | $1,378,539 |
| July 2021 | $161,901,955 | $19,965,556 | 12.3% | $4,375,872 | $2,898,664 | $12,691,020 | $1,864,433 |
| June 2021 | $234,943,435 | $22,006,296 | 9.4% | $4,983,544 | $2,125,855 | $14,896,898 | $2,273,995 |
| May 2021 | $226,963,573 | $23,173,549 | 10.2% | $5,168,732 | $2,341,616 | $15,663,201 | $2,381,115 |
| April 2021 | $236,432,523 | $19,442,317 | 8.2% | $5,529,294 | $2,532,886 | $11,380,137 | $1,652,147 |
| March 2021 | $304,066,245 | $26,573,877 | 8.7% | $10,340,533 | $2,388,332 | $13,845,012 | $1,183,487 |
| February 2021 | $265,778,306 | $12,238,730 | 4.6% | $13,187,560 | $2,282,972 | ($3,231,752) | $300,594 |
| January 2021 | $58,896,564 | $3,586,077 | 6.1% | $6,343,077 | $478,612 | ($3,235,612) | $39,710 |
| Total | $4,109,224,266 | $352,443,759 | 8.6% | $154,736,576 | $40,735,209 | $156,971,974 | $24,622,911 |
Eric Ramsey, an analyst for the PlayUSA.com Network, including play-virginia.com, noted that a higher hold percentage indicates further proof of the market’s maturation. He highlighted the increasing number of customers that sportsbooks have acquired, especially in the past three months, as well as the growing comfort of bettors with unconventional betting methods.
Virginia sports bettors shifting to basketball?
In the last quarter, sportsbooks operating in Virginia have accumulated a total revenue of $109.4 million from $1.1 billion worth of wagers. As a result, the state has received $7.5 million in taxes.
The recent increase in activity can be attributed to the rise of football-related betting. However, November had a slightly limited schedule with only four weekends of football, compared to October’s five. Additionally, the Washington Football Team played only three games during this period. Nevertheless, sportsbooks managed to compensate for the decrease in football availability by offering a complete month of NBA games and the commencement of the college basketball season.
Stupp emphasized that the football’s popularity presents a significant opportunity for the industry to gain new customers and grow the market. However, he pointed out that basketball’s significance is often underestimated despite its status as the highest-grossing sport in most major markets, thanks to the frequency of games played compared to football. He further highlighted that recent results in November indicate Virginia is also following a similar trend.
To access additional information and analysis about regulated sports betting in Virginia, please visit play-virginia.com/revenue.
Related Articles
