According to the Virginia Lottery’s latest report on sports betting, Virginians set a new record for the amount of money wagered during November. Eligible players bet nearly $639 million, which is a 23.1% increase from November 2022 and a nearly 12% increase from October 2023.
Approximately $632 million was generated by mobile operators in the Old Dominion, while the remaining $6.6 million originated from casino retail activity.
Handle Up, But Revenue Down in Virginia
While the handle was up, Virginia operators continued to see revenue fall. Operators generated a total revenue of $36.35 million. Online sportsbooks contributed nearly $36 million, and retail locations accounted for $380,072.
Despite an uptick in sports betting activity, Virginia’s gaming revenue witnessed a decline compared to the same period last year, experiencing a month-over-month drop of 35.50%. The November revenue figure also marks a more than 32% decrease from the revenue generated in November 2022.
Sports betting revenue has been up and down all year in Virginia. Looking back at the revenue generated each month in 2023, you can see the massive fluctuations throughout the year and provides insights into the industry’s performance:
- January: $42,127,492
- February: $28,385,249
- March: $47,651,362
- April: $38,932,367
- May: $42,547,380
- June: $26,434,330
- July: $28,210,927
- August: $27,905,144
- September: $45,616,219
- October: $56,364,083
- November: $36,354,936
Sports Betting Generating Strong Tax Revenue in Virginia
But despite the decreasing revenue, the tax money the state is making from sports betting is still pretty strong.
The money generated from sports betting is taxed at a 15% rate in Virginia. Of that, 97.5% goes to the commonwealth’s general fund to pay for things like education and public safety. The remaining 2.5% goes to the state’s problem gambling fund.
Sports betting generated about $5.4 million in taxes (a monthly decrease of $3 million) in November. And $137,013.80 went towards the Problem Gambling Treatment and Support Fund (more than $76,000 less than in October).
These figures were shaped by a roster of over 15 licensed operators, featuring prominent names like FanDuel, DraftKings, BetMGM, and Caesars Virginia, among others.
Virginia Sports Betting Could Be Bigger in 2024
Based on the strength and growth the Virginia betting industry experienced in 2023, operators are poised for an even better 2024.
Christopher Boan, an analyst with BetVirginia.com, told WTKR News, “I think the main takeaway from this entire year has been how strong the Virginia sports betting market has been.”
“Virginia sports betting is on a heater right now,” said Boan. “It’s definitely on a tear and we at Bet Virginia don’t see any cause of concern hearing into 2024.”
So, the sports betting industry in Virginia appears to be poised to put up even bigger numbers in 2024. Operators will hope for a little more consistency and numbers that climb more than they fluctuate. Whatever happens, Bookmakers Review will be there monitoring what’s happening. We’ll provide you updates as they’re warranted.
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