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Virginia sports betting revenue triples to $29.9m in November


Sports wagering revenue in Virginia came to $29.9m in November, up 205.1% from October and taking revenue beyond $100m since the state launched sports betting in January.

Adjusted gross revenue was more than three times the total recorded in October, but was still slightly below the $31.0m record set in August.

The $29.9m in revenue came on betting handle of $402.6m, down 5.8% from the record $427.3m staked in the prior month.

Player winnings, meanwhile, declined month-on-month 11.9% to $354.3m while bonus and promotional spend dipped to $15.0m from $15.8m in October.

Other deductions came to $3.4m, down 34.6% month-over-month.

With the state’s 15% tax rate on adjusted gross revenue, operators paid $4.2m in taxes. Even though November’s adjusted gross revenue total was lower than August’s, the total tax collection for the month was the highest total to date. This was due to differences in operators reporting negative revenue.

Of this total, $105,829 went towards problem gambling treatment and support funds, while the rest went into the state’s general fund.

Sports betting launched in Virginia on January 21 of 2021 when Flutter Entertainment-owned FanDuel launched its sportsbook in the state via a partnership with the Washington Football Team.

Crown Virginia Gaming, partnered with DraftKings, and BetMGM were awarded permits on January 24, while Portsmouth Gaming Holdings and Rivers Casino Portsmouth followed on January 26. Caesars Virginia (William Hill US) was also granted a permit on January 27, but did not launch until February.

Since that launch, total sports wagers have come to $2.80bn. Cumulative adjusted gross revenue, meanwhile, reached $120.7m.