The latest monthly revenue report from the Virginia Lottery reveals that the state’s licensed sportsbooks accepted over $485.5 million during the month of January setting a new record for the highest sports betting handle in a single month.
January marked one year since sports betting launched in the state of Virginia and the latest figures show that the industry is going from strength to strength. January’s handle beat the previous monthly record of $427.3 million set in October 2021 by almost $60 million.
Sports betting activity increased by 13.8% from December’s handle of $426.5 million. Winnings for the month amounted to a record $446.5 million as operators reported a 8.04% win percentage, up slightly from the 7.39% hold reported in December. This brings the total amount won by Virginian gamblers to $3.7 billion since sports betting launched in January 2021.
Bonuses and promotions for the month came to $16.8 million. Meanwhile other deductions for the month came to $3.9 million. As a result, operators reported adjusted gross revenue (AGR) of $18.2 million for January.
January saw only four operators report a positive AGR for the month paying out $2.9million in taxes to the state. This brings the total amount paid to the state since the industry launched to $23.2 million.
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.