Virginia Reports 29% Yearly Increase in Sports Betting Handle for November
November figures published by the Virginia Lottery show that the state narrowly missed its sports betting handle record that it set in October
The total amount Virginia residents wagered in the month of November was just 1.7% lower than the record number posted for October. The total handle in November was $518.8 million, while in October the Virginia Lottery reported $528 million.
The Total Handle Increased by 29% Year-On-Year
Even though the total sports betting handle in November was slightly lower than in October, the yearly increase in the amount Virginians wagered on sports events in November 2022 was impressive. The Virginia Lottery officially published the figures for November 2022 on December 30, 2022, and revealed that the total handle was 29% higher than what was reported for the same period in 2021.
Virginians’ winnings in the month of November totaled $461.3 million, while sports betting operators kept $52.8 million, a new single-month record of its own, according to the lottery. This resulted in an adjusted gross revenue (AGR) boost of 16% in comparison to the $45.5 million reported in October 2022. Furthermore, the AGR was a whopping 76.5% higher than the $29.9 million reported in November of the previous year.
It must be noted that currently there are 13 licensed sports betting operators, while there were only 10 back in November 2021. Virginia launched its licensed and regulated sports betting market in January 2021.
Sports Betting Generated $7.78M in Tax Revenue in November 2022
The great results also affected the total amount of taxes that ended up in state coffers from sports betting activities.
Licensed operators in Virginia are obliged to pay a 15% tax on AGR, which means that this percentage is taken after the total winnings are deducted from the total wagers. 97.5% of the tax revenue is allocated to Virginia’s General Fund and 2.5% goes to the Problem Gambling Treatment and Support Fund, which is being operated by the Virginia Department of Behavioral Health.
This means that in November the General Fund received $7.58 million, while $194,566 went to support people suffering from problem gambling. When compared to previous periods, the tax revenue in November 2022 was 12% higher than in October. The increase from November 2021 was much more impressive – in November the state of Virginia collected an amount 84% higher than it did during the same month in 2021.
According to the Bristol Herald Courier, which referred to a statement by gambling analyst Dru James, these great November results show consistent and steady market growth in the state, which does not seem to be affected by the recent sports betting market launch in the neighboring state of Maryland.
Silvia has dabbled in all sorts of writing – from content writing for social media to movie scripts. She has a Bachelor's in Screenwriting and experience in marketing and producing documentary films. With her background as a customer support agent within the gambling industry, she brings valuable insight to the Gambling News writers’ team.
