Virginia Sports Betting Activity Jumps 24% Year-on-Year for Month of October

Activity up but sportsbooks report lower win percentage

by - Tuesday, December 6th, 2022 10:06

Sportsbook odds

The Virginia Lottery has releases its latest sports betting monthly revenue report revealing that local sportsbooks accepted just over $528 million in wagers during the month of October.
Activity up by 28% month-on-month

The latest figures mark an increase of over 28% on the $412.2 million reported during the previous month and a 24% increase year-on-year. However, the report notes that only nine sports betting operators were active in October 2021 compared to the 15 approved operators in October 2022.

Virginia sports fans won a total of $476.8 million resulting in a combined operators’ win percentage of 9.69%. This falls some way short of the highest win percentage recorded — 13.01% reported in September of 2022. This brings the total won by gamblers to just over $6 billion since since the launch of sports betting in Virginia in January 2021.

Bonuses and promotions for the month totaled $963,187 while other deductions came to $4.6 million. This resulted in combined adjusted gross revenue (AGR) of $45.5 million, a drop of just over $3 million month-on-month.

Seven sports betting operators reported a positive AGR for the month of October. This resulted in state taxes of $6.9 million for the month.

Image credit: Baishampayan Ghose / CC BY-SA 2.0

Jenny Tang

An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.

  • Connect with us on LinkedIn
  • Connect with us on Twitter