The arrow keeps pointing up for sportsbooks in the Old Dominion.
In October, $571 million was wagered with sports betting operators in Virginia. That amount tops September’s revenue by 10%. As a result of this upward trend, more than $8.5 million went to the state’s coffers in taxes. October’s total is an 8.1% increase from October 2022’s number of $528 million. The Lottery does not break down numbers by operator.
In September, the state reported that $520 million was wagered as professional and college football was in full swing. August’s amount was $319 million. Expect monthly revenues for the rest of the year to continue to top a half-billion dollars as the football schedule remains flush with contests.
Virginia collects more taxes as surge continues
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. The Virginia revenue for July and August together totals a paltry $612 million combined.
In September, the state received $7 million in taxes from sportsbooks. That number rose by more than $1.5 million in October.
The hold reported by sports betting operators for October was 11.2%, slightly up from the September figure of 10.4%. Virginia sports bettors won $507 million in wagers with sportsbooks in October. Adjusted gross revenue for mobile operators in October was $56.3 million. Retail operators reported $801,495 AGR in October.
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Online is where all the action is in VA
Online sports betting is the overwhelming choice of Virginia customers. In October, $565.6 million was wagered online, or 98.9% of all sports bets placed. By comparison, retail sportsbooks accounted for just $5.8 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 tended by the Virginia Department of Behavioral Health and Developmental Services.
In September, $8.3 million went to the General Fund and $213,755 went to the Problem Gambling fund.
