Virginia bettors rang up the highest one-month total wagering handle in state history during October, betting more than $528.02 million.
That represents a 23% increase over last October and an average of more than $17 million per day, according to the Virginia Lottery, which reported monthly figures Thursday. In addition, bettors won $476.8 million, which is also a single-month record.
“October was a record-breaking month for Virginia,” BetVirginia.com gaming analyst Dru James said in a written statement. “Handle was nearly $530M, the highest it’s been since January 2022’s $485M record and the state’s first time hitting the half-billion-dollar milestone. This indicates that the Virginia market still has a great deal of potential for growth and can expect continued gains into the new year.”
Virginia’s 13 licensed operators reported adjusted gross revenues of $45.5 million, down from September’s record $48.3 million. The state reported more than $5 million in deductions, bonuses and other adjustments.
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“Despite month-over-month losses, sports betting revenue and taxes both are seeing exponential gains since last year. This, too, demonstrates that Virginians will continue to see long-term sustained growth and that the market is headed for maturity and parity with its peers,” James said.
Virginians have wagered more than $3.3 billion thus far in 2022. Regulated sports wagering began in Virginia in January 2021.
“One thing to note, however, is that the recent launch of mobile sports betting in neighboring Maryland may cause some short-term disruption in wagers placed, though the effects of this may not become apparent until December, or even January.”
All that activity generated nearly $7 million in state tax revenues. State law places a 15% tax on sports betting activity based on each permit holder’s adjusted gross revenue.
dmcgee@bristolnews.com — Twitter: @DMcGeeBHC