The Virginia Lottery released the sports betting handle for November. The sports betting handle had a minor setback with a handle of 402.6 million compared to October’s handle of $427.3 million which is a decrease of approximately 5.8 percent.
Breaking down Virginia’s sports betting handle numbers
One of the reasons for the slight decline could be the state had an extra weekend to accept wagers in October. However, November’s sports betting handle was the second-highest in the state’s history since it began on January 31st. The handle’s amount is also $100 million more when comparing it to September’s numbers.
Even though the handle saw a slight decrease last month, adjusted gross revenue is up 205.8 percent reaching $29,926,697. On the other hand, October’s adjusted gross revenue was relatively weak as it reached $9,785,700.
With upwards of $400 million wagered in November, it brought the state’s total handle since launch to $2.7 billion. The numbers are still very good considering that there was one less weekend of football to factor in. The Washington Football Team also had a bye week at the beginning of the month.
This led to the average daily betting volume dropping from $13.8 million to $13.4 million. Gross revenue was at 12.01 percent which is the second-highest since July which posted a gross revenue rate of 12.33 percent. The gross revenue rate for November ranked 10th when doing a side-by-side comparison to the 18 other states that released their numbers.
Virginia’s sports betting operation moving forward into the New Year
Sportsbook operators saw combined revenue of approximately $48.3 million even though sportsbooks spent around 14.9 million in promotions and advertisements. The previous record was established in September and only made up $30.9 million.
Eric Ramsey who is an analyst for the PlayUSA.com Network stated,
“A higher hold percentage is additional evidence that the market is maturing…Not only have sportsbooks gained more customers, particularly over the last three months, but bettors are becoming more at ease with less conventional forms of betting.”
In the last three months of the Virginia sports betting market, sportsbooks generated $109.4 million in revenue on over $1.1 billion due to the number of bets placed. This produced $7.5 million in state taxes.
The Washington Football team only played three games in November, but there are a plethora of other teams residents in the state can cheer for. The Washington Capitals and Washington Wizards had the first full month of their respective seasons in November.
Virginia is also home to two big-name collegiate schools which include Virginia Cavaliers and Virginia Tech Hokies. There are also an array of sportsbooks bettors across the state can choose from.
Virginia is one of the few states that does not have commercial or tribal casinos. Wagers can be placed via mobile devices or in the Capital One Arena. However, four casinos are set to open by 2023 which include locations in Bristol, Danville, Portsmouth, and Norfolk.
With the construction of these casinos taking place, one can expect the sports betting handle and revenue to go up in 2023 and beyond.