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Virginia Sports Betting Continues To Rise

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2024-01-08

Virginia Sports Betting Continues To Rise

Virginia Sports Betting Continues To Rise

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Richmond Virginia

The sports betting market in Virginia continues to experience growth, with both retail and online sportsbooks reporting an increase in wagers. In November, the Virginia Lottery announced that the combined total of wagers reached $638.8 million, marking an 11.8% rise from the previous month’s $571.3 million. This surge indicates a promising trend for the commonwealth, as year-on-year sports betting action has seen a remarkable 23% jump. However, while the handle may be impressive, operators must also consider revenue performance. Unfortunately, November witnessed a decline in revenue for the Virginia sports betting industry. In this article, we delve into the latest developments in the Virginia sports betting market, focusing on key figures, trends, and challenges.

Both online and retail sportsbooks in Virginia experienced a surge in wagers, although the retail locations saw a slightly higher boost of nearly 16% compared to the 11.8% increase reported by mobile operators. Despite this, online wagers still dominated the market, accounting for $632.2 million of the total $638.8 million wagered. The growing popularity of mobile betting platforms highlights the convenience and accessibility they offer to sports bettors.

While the increase in wagers is undoubtedly promising, the revenue generated by the Virginia sports betting industry in November did not meet expectations. After an impressive 11.2% hold in October, which yielded over $56 million in adjusted revenue, November saw a significant decline. Sportsbooks held just 6.7% of the total wagers, resulting in a revenue of $36.3 million. Consequently, the tax bill also dropped from $8.5 million to $5.4 million, impacting the state’s tax revenue.

As the sports betting market in Virginia expands, the number of reported problem gamblers has also increased. The state offers a voluntary exclusion program that allows individuals to prevent themselves from betting for a predetermined period of time, ranging from two years to a lifetime. The program saw a 17.5% jump in new enrollees, with 362 Virginians joining from January to September 2023, compared to 308 in the previous year. In total, 841 Virginians have signed up, with 41 now inactive as their exclusion period has ended.

 




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