The sports wagering revenue for October on Friday, part of a record-setting month in all major categories in the Old Dominion.
It was the first time gross revenue sured $60 million in Virginia. The previous record was $57.5 million set last November, and October marked the seventh time the figure was above $50 million. The $453.6 million in gross operator winnings through the first 10 months of 2023 is 21.6% higher than the same period last year.
Almost all of the record-setting $571.4 million handle came from mobile September’s $520.3 million.
The state was eligible to tax $56.4 million in adjusted revenue after operators claimed $4.8 million in deductions and those eligible to offer promotional play provided $2.8 million worth of credits. Nine operators finished with a net positive AGR, resulting in $8.6 million worth of tax receipts, and the $384.2 million in taxable revenue this year is up 54.6% compared to 2022.
Old Dominion sportsbooks clobber public 61713f
Running 2023 YTD Top 10 #SportsBetting handles by state (thru Oct in CAPS)
1 NEW YORK $15.02B
2 NEW JERSEY $9.06B
3 Illinois $7.77B
4 NEVADA ~$6.5B
5 OHIO $5.98B
6 PENN $5.82B
7 Arizona $4.52B
8 VIRGINIA $4.32B
9 Colorado $3.68B
10 MASS $3.65B#gamblingtwitter— Chris Altruda (@AlTruda73) December 1, 2023
October marked the eighth consecutive month that Virginia sportsbooks crafted a double-digit hold. They have accomplished the feat 17 times in 34 months of wagering since the first bets were taken in Virginia in late January 2021. It was the third time this year that the win rate on gross revenue exceeded 11%, and the overall win rate for the year is 10.5% on $4.3 billion handle.
The state was eligible to tax $56.4 million in adjusted revenue after operators claimed $4.8 million in deductions and those eligible to offer promotional play provided $2.8 million worth of credits. At least three — Betr — are eligible to deduct promotional credits as operators that have been in the state less than 12 months. Nine operators finished with a net positive AGR, resulting in $8.6 million worth of tax receipts, and the $384.2 million in taxable revenue this year is up 54.6% compared to 2022.
Virginia has collected $58.4 million in state taxes from sports wagering this year, $21.4 million ahead of last year’s pace heading into the final two months of the year. The Old Dominion also became the 10th state to sur $12 billion in all-time North Carolina sports betting will impact its neighbor to the north.
The Virginia Lottery does not disclose handle and revenue information by operator in its monthly releases.
