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VA surpasses $2.3bn in total wagers after setting new handle record in October


Consumers in Virginia spent a record $427.3m betting on sports in October, taking the total amounts wagered since the state’s market launched in January to $2.39bn.

October’s handle was 50.5% higher than the $427.3m spent by players in September and comfortably beat the previous monthly record of $304.1m set in March.

Players won a total of $397.2m from sports betting in October. After subtracting $15.8m in bonuses and promotional bets, and $4.6m in other deductions, this left $9.8m in adjusted gross revenue, down 4.9% from $10.3m in September.

The state generated $1.7m from the 15% tax on adjusted gross revenue, defined as total bets minus winnings and other authorized deductions.

The majority of this was sent to the state’s General Fund Allocation, while the remaining $43,655 was allocated to the Problem Gambling Treatment and Support Fund.

Since Virginia opened its legal sports betting market on January 21, consumers have staked $2.39bn in total, while after relevant deductions, adjusted gross revenue amounted to $90.8m.

Nine licensed operators were active in Virginia in July, including Flutter Entertainment-owned FanDuel, in partnership with the Washington Football Team. DraftKings, Rush Street Interactive, Caesars, WynnBet, BetMGM, Kindred Group’s Unibet brand, Penn Sports Interactive and Golden Nugget Online Gaming.

Two other operators could also be set to launch in the state, with 888 securing a provisional sports betting licence for its Sports Illustrated-branded product.

PointsBet linked up with racetrack Colonial Downs Group to secure a temporary supplier licence to compete in the market.