VIRGINIA SPORTS BETTING REPORTS A RECORD IN REVENUE FROM THE MONTH OF NOVEMBER

Many sports betting operators across the United States have seen high volumes of sports betting in November. Virginia sports betting revenue also reached an all time high that month as well. A record $48.3 million in total sports betting revenue in Virginia was reported by the state in November.

However, this is even after sports betting handle dropping 5.8% from October. October’s record making handle was $402.6 million. This handle drop is not surprising, however, as October had five full Friday-to-Sunday weekends in comparison to November’s four. This meant November had fewer opportunities available for college football betting as well as NFL betting.

Another thing that is even more important for sportsbook operators than that extra weekend time was a swing in results. According to a report from the Virginia Lottery, even though October’s results were friendly to bettors, a portion of those profits were given back the following month with a 12% hold.

When it comes to the US sports betting jurisdiction reports regarding results from November, Virginia is the 18th. It is also the 16th state to report a record for monthly revenue. However, not much is known about how Virginia’s ten live sportsbooks in the month of November, which is typical.

The Virginia Lottery offers at its quarterly meetings a running total. The next quarterly meeting for the Virginia Lottery is scheduled to be held on January 12th. According to the last update, which is from October, the leader of all sportsbook operators was the FanDuel Sportsbook.

The FanDuel Sportsbook captured 45.4% of all handle from its launch through the month of September. The next two sportsbook operator leaders were the DraftKings Sportsbook and the BetMGM Sportsbook. These two operators respectively garnered a share of 26.1% and 17.9%. These three operators were the only ones to garner more than a 10% share of the handle.

During the month, according to the Virginia Lottery, almost $15 million in promotions were handed out. And, another $3.4 million in other deductions occurred. The total adjusted gross revenue came out to $29.9 million.

Not all operators have paid into the taxation for sports betting revenue just yet, which is set at 15%. For November, only four reported a net positive adjusted total revenue, which amounted to $4.2 million paid in taxes.

For the month of November, as of now, Virginia is ranked seventh in handle as well as fifth in revenue. But, reports from some large states are still missing for the month, so those ranks are most likely going to fall. Colorado is set to report during the first week of January and Illinois should be reporting the week after.

In addition, other states still owe reports for November as well, including Tennessee, Delaware, as well as Wyoming. And, Arizona still needs to report for November as well. But, their report could take longer to resolve itself as Arizona still has yet to report their sportsbook performances from September.

Written by Allie Nelson, our US Sports Betting Industry Expert. You can learn more about our author's expertise here.