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Virginia Game Revenue

Quick Intro

In November, Virginia’s combined retail and online sports betting operators reported a significant total betting handle of $638.83 million, marking increases both month-over-month and year-over-year. However, despite this robust betting activity, the Virginia Lottery, which regulates gambling in the state, noted a decrease in revenue for the operators during the same month.

Under Virginia state law, a 15% tax is levied on sports betting based on each permit holder’s adjusted gross revenue, calculated as total bets minus total winnings and other authorized deductions. In November, this resulted in Virginia operators generating a revenue of just $36.35 million.

Virginia’s Betting Handle Among Top in the US

November’s betting handle in Virginia saw a 23.13% increase compared to the previous year and an 11.81% rise from October’s $571.35 million. The breakdown of November’s betting handle is as follows:

  • $632.23 million was wagered through online sportsbooks, an 11.79% increase from the previous month.
  • $6.60 million was bet via retail operators, growing by 14.04% month-over-month.

In comparison to other states, Virginia ranked highly in terms of gambling activity for the month, with states like New York, New Jersey, and Pennsylvania leading the way.

Decline in Virginia’s Gaming Revenue

Despite the increased betting handle, November saw a decrease in gaming revenue for Virginia operators:

  • Online sportsbooks earned $35.97 million, while retail locations contributed $380,072.
  • The revenue in November represented a 35.50% drop from October and a 31.18% decrease from the same month last year.

The fluctuation of monthly revenue figures throughout the year paints a varied picture of the industry’s performance:

  • January through November saw revenues ranging from $26.43 million to $56.36 million, with November closing at $36.35 million.

Decrease in Virginia’s Tax Contributions

Tax contributions to Virginia for November also fell to $5.48 million from October’s $8.55 million. According to the state’s distribution law, 97.5% of this tax is allocated to the General Fund, and 2.5% to the Problem Gambling Treatment and Support Fund. In November’s distribution:

The General Fund received $5.34 million, a decrease of about $3 million from the previous month.
The Problem Gambling Fund received $137,013.80, down over $76,000 from the previous month.

Future Outlook for Virginia’s Sports Betting Market

Looking ahead, Virginia’s sports betting market shows potential for continued growth. With the increasing popularity of online and retail sports betting, future months could see an upsurge in both betting handle and revenue. The state’s commitment to responsible gambling and its contribution to the Problem Gambling Treatment and Support Fund also highlight a balanced approach to expanding this sector. As more players join and existing ones engage more, Virginia could solidify its position in the national sports betting landscape.

Final Thoughts

Virginia’s sports betting market, despite a dip in revenue and tax contributions in November, demonstrates resilience and potential for growth. With its robust online and retail betting infrastructure and a balanced approach to regulation and responsible gambling, the state’s market is poised for future success and sustainability in the dynamic world of sports betting.

Source: https://www.valottery.com/winnersnews/latestwinners

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