Virginia’s Sportsbooks Cleared $50 Million in Three Straight Months

by Dave Schwab - 1/2/2023

Virginia’s Sportsbooks Cleared $50 Million in Three Straight Months

The state’s legal US sportsbooks claimed $57.5 million in gross revenue in November. The Virginia Lottery also reported that it marks the third straight month of eclipsing the $50 million take.

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The November figure was an all-time high in 23 months of legal sports betting by Virginia. It passed the $53.8 million record set in September of this year. Sportsbook operators in the Old Dominion have been on a roll for much on 2022. November’s 11.1% hold on gross revenue marks the fourth time this year it was 10 percent or higher.

Eight of Virginia’s 13 sportsbook operators finished November with a positive adjusted revenue as the state reported $7.8 million in tax receipts from sports betting for the month. From July to November, the state has collected $29.5 million in sports betting taxes. This represents almost two-thirds of the $44.7 million collected for 2022.

Virginia Ranked No. 6 in 2022 Sports Betting Handles

The top of the list in 2022 sports betting handles was New York in $14.66 billion. New Jersey was second with $9.89 billion followed by Nevada ($7.82 billion), Illinois ($7.69 billion) and Pennsylvania ($6.5 billion) for this year.

Virginia was No. 6 with $4.41 billion in 2022 as of November. The state’s sportsbooks took in $518.8 million in total volume that month to note this mark. Virginia’s sportsbook operators registered a 28.9 percent gain over November of 2021. There are now 13 online sportsbooks in Virginia and one retail sportsbook in Bristol

Adjusted revenue has been way up versus last year to $301.3 million. The state’s budget amendment in July of this year is the primary reason that taxable revenue is up 149% as compared to the first 11 months of 2021. Virginia’s budget amendment limits sportsbooks’ promotional revenue deductions.

The state’s sportsbooks have a combined hold of 9.8% this year. That hold has contributed to gross revenue of $430 million. This is a 69.3% increase over the same 11 months in 2021. The Virginia Lottery does not disclose monthly handle and revenue figures by sportsbook operators but the state’s sports betting industry is up accordingly.

Online and Retail Sports Betting in Virginia

Virginia passed a law legalizing online sports betting in April of 2020 and the state officially launched sports betting in January of 2021.

FanDuel, DraftKings, BetMGM and Caesars Sportsbook are highlighted as the top online sportsbooks in this state. However, Bally Bet, BetRivers, PointsBet and SI Sportsbook are part of the mix when it come to online sports betting in Virginia.

Hard Rock Sportsbook is the newest sportsbook in Virginia and Barstool Sportsbook is accepting cryptocurrency in the state. PointsBet, DraftKings and Caesars Sportsbook have the best mobile sports betting apps in Virginia according to SportsbooksOnline.com.

The list of all the sportsbook operators is 13 online betting facilities and one retail book as follows:

PointsBet
DraftKings
Caesars Sportsbook
SI Sportsbook
FanDuel
BetRivers
BetMGM
Unibet
WynnBET
Barstool Sportsbook
Betway
Hard Rock Sportsbook
Bally Bet
Golden Nugget

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Virginia’s Sportsbooks Cleared $50 Million in Three Straight Months

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