In November, Virginia sports betting handle sets a new high.

In November Virginia sports betting reached $638.8m, a 23% rise from 2022 and an 11.8% increase from October. Mobile wagers dominated at $632.2m.

Operators reported $43m in gross revenue, down 25.3% from last November and 23% from October. Virginia Lottery's adjusted gross revenue was $36.4m, with state taxes totaling $5.4m.

Virginia based operators earned $496.6m in gross winnings from Jan to Nov, up 15.3%.

 

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The November sports betting figures for Virginia are indeed impressive. The total handle of $638.8 million represents a significant increase of 23% compared to November 2021. Additionally, it marks an 11.8% jump from the previous month of October.

It is worth noting that mobile wagers played a crucial role in this surge, accounting for the majority of the handle at $632.2 million. This dominance of mobile betting highlights the convenience and accessibility that online platforms provide for sports bettors.

However, while the total handle was remarkable, the gross revenue reported by operators tells a different story. In November, operators recorded $43 million in gross revenue, which reflects a decline of 25.3% in comparison to the same period last year. It is also a decrease of 23% when compared to the previous month.

The Virginia Lottery, responsible for regulating sports wagering in the state, reported an adjusted gross revenue of $36.4 million. This revenue is subjected to state taxes, with the total amount reaching $5.4 million. Such tax contributions support various initiatives and programs within the state.

Despite the decrease in gross revenue for operators, the overall gross winnings for Virginia-based operators from January to November showed a positive trend. The $496.6 million in gross winnings represents a significant increase of 15.3%. This growth indicates that the sports betting market in Virginia has been performing well throughout the year.

These figures and trends illustrate the thriving sports betting industry in Virginia, particularly the strong demand for mobile wagering. It will be interesting to see how the market continues to evolve in the coming months and if further growth can be sustained.