In a surge of wagering enthusiasm, Virginians set a new state record by betting a combined $638.8 million on sports in November 2023. The Virginia Lottery’s latest report unveiled these figures, which mark a 23.1% increase compared to November 2022.
“I think the main takeaway from this entire year has been how strong the Virginia sports betting market has been,” Christopher Boan, an analyst with BetVirginia.com, said. Online sports betting has been legal since 2021 in Virginia.
November’s sports betting activities generated around $5.4 million in taxes, although this was lower than October’s figures. “The House isn’t winning quite as much as it normally does because we’ve seen so many more instances of the favorites covering in the NFL and college football than we have in the past,” noted Boan.
The figures break down into specific areas of betting activity. The lion’s share of November’s sports gaming revenues, approximately $632 million, was attributed to mobile operators.
The remaining $6.59 million came from retail sports betting activity at casinos, which include the temporary Bristol Casino: The Future Home of Hard Rock, Rivers Casino Portsmouth, and the temporary Caesars Virginia casino in Danville.
Rivers Casino Portsmouth
Of the $5.48 million tax collection, a significant portion—$5.3 million—was directed toward the commonwealth’s general fund for vital public utilities like education and safety. The remaining sum, around $137,000, was designated for the Problem Gambling Treatment and Support Fund, administered by the Virginia Department of Behavioral Health and Developmental Services.
A lineup of more than 15 licensed operators contributed to these numbers, including big names such as FanDuel, DraftKings, BetMGM, and Caesars Virginia, among others. With a 15% tax imposed on the betting activity, these operators collectively propelled the state’s revenue.
Original article: https://www.yogonet.com/international/noticias/2024/01/05/70284-virginia-breaks-state-wagering-records-with-almost-639-million-bet-in-november
