More than half a billion dollars was wagered with sportsbooks in Virginia in September. It was an increase of 26% over September 2022. As a result of this betting frenzy, more than $7 million went to the state in taxes.
Revenue figures from the Virginia Lottery indicate that $520.3 million in handle was bet in September. In August, Virginia reported $319 million in total handle from its sportsbooks. The activity in September represents a staggering 63% increase over the prior month. The Lottery does not break down numbers by operator.
The surge can be attributed to the start of the NFL and college football seasons.
Hold was slightly higher in September over August
There are more than a dozen Virginia sports betting apps available to bettors. Virginia college teams are off-limits to betting.
September to January, when football is in season, is the most popular time for sports betting in the US. Contrast September’s total handle in Virginia with July’s. Sports bettors wagered just $293 million in July, more than $200 million less than in September.
In August, the state received $4.1 million in taxes from sportsbooks. That number rose by more than $3 million in September.
The hold reported by sports betting operators for September was 10.4%, up slightly from the August figure of 10.1%. Virginia sports bettors won $466 million in wagers with sportsbooks in September. Adjusted gross revenue for mobile operators in September was $44.8 million. Retail operators reported $834,675 AGR in September.
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Majority of bets in Virginia made online
Online sports betting, conducted largely via a mobile phone app, is the overwhelming choice of Virginia customers. In September, $514.7 million was wagered online, or 98.9% of all sports bets placed. By comparison, retail sportsbooks accounted for just $5.6 million, mostly at Virginia casinos.
By law, 97.5% of taxes on the adjusted gross revenue from sportsbooks must go into Virginia’s General Fund. The remaining 2.5% funds a Problem Gambling Treatment and Support Fund, which is under the auspices of the Virginia Department of Behavioral Health and Developmental Services.
In September, $6.9 million went to the General Fund and $176,013 went to the Problem Gambling fund.
