However a year-on-year decline in adjusted gross revenue suggests evidence of player-friendly results in the NFL hitting operators’ performance is emerging.
Handle for October was 21.8% higher than the $571.4 million wagered in Victoria during the same month last year. It also surpasses September’s $622.1 million handle by 11.9%, the Virginia Lottery reports.
The existing monthly record in Virginia was $652.9 million, which was set in January this year. October’s new record surpassed this by 6.6%.
Online betting accounted for $692.2 million of all sports wagering activity in October, with retail’s contribution at $3.9 million.
Hold reaches 7.04% in October
Adjusted gross revenue after player winnings came to $49.0 million. The total falls 13.1% short of October 2023 and 25.6% behind September’s $65.9 million.
Of that total $48.8 million in AGR came from online betting, while retail brought in $232,925. The Virginia Lottery does not publish a full breakdown of operator performance. However, 11 of the 13 mobile operators and three casinos that are licensed for betting reported net positive AGR.
The $49.0m AGR suggests a hold of 7.04% across retail and online. Online hold was 7.05% and retail 5.93%. This marks a signifcant decline from an 11.5% hold in September 2024. Last October the state’s sports betting hold stood at 11.2% for the month.
It comes in the wake of operators, most notably DraftKings, warning of NFL results going customers’ way in early Q4.
Total tax from the 15% AGR levy on sports betting was $7.3 million in November, with 97.5% of this going to the state’s General Fund. The remaining 2.5% is sent to the Problem Gambling Treatment and Support Fund.
Original article: https://igamingbusiness.com/sports-betting/virginia-sports-betting-handle-record-october/
