The latest monthly revenue report from the Virginia Lottery shows that the state’s licensed sports betting providers reported accepting over $571.3 million in wagers throughout the month of October.
According to the report, the latest figures represent an 8.2% increase on October 2022’s figure of $528 million and a 9.8% increase on the previous month‘s sports betting handle. It’s also the largest amount wagered in a single month since sports betting launched in January 2021. This brings the year-to-date total to $4.3 billion while the all-time figure is now $12.4 billion.
Virginia sports bettors won a total of $507.3 million during the month. This gave licensed operators a combined win percentage of 11.20%. However, when allowable bonuses and other deductions of just over $7.4 million were taken into account, the actual win rate was 9.86%.
Revenues for the month came to $56.3 million, a year-on-year increase of 23.7% and an all-time state record. Of that figure $55.5 million was generated by online sportsbooks while the retail industry reported revenues of $801,495 for the month. So far in 2023, sportsbooks have generated $384.1 million in revenue while the all-time total now stands at $863.3 billion.
State taxes for the month came to just over $8.5 million, bringing the year-to-date total to $58.3 million. Since sports betting in Virginia launched in January 2021, the state has collected over $130.4 million in taxes.
Historical Sports Handle, Revenues & Taxes in Virginia
| Period | Total Handle | Sportsbook Revenue | Win % | Adjusted Sportsbook Revenue | Adjusted Win % | State Taxes |
|---|---|---|---|---|---|---|
| Jan 2023 | $513,154,592 | $49,721,327 | 9.69% | $42,127,492 | 8.21% | $6,368,899 |
| Feb 2023 | $433,807,108 | $39,766,908 | 9.17% | $28,385,249 | 6.54% | $4,682,125 |
| Mar 2023 | $511,614,541 | $55,258,910 | 10.80% | $47,651,362 | 9.31% | $7,413,213 |
| Apr 2023 | $425,982,859 | $45,121,878 | 10.59% | $38,932,367 | 9.14% | $5,799,965 |
| May 2023 | $403,719,160 | $48,144,550 | 11.93% | $42,547,380 | 10.54% | $6,285,305 |
| Jun 2023 | $325,455,052 | $32,668,024 | 10.04% | $26,434,330 | 8.12% | $3,939,701 |
| Jul 2023 | $293,611,789 | $32,471,396 | 11.06% | $28,210,927 | 9.61% | $4,115,218 |
| Aug 2023 | $319,005,942 | $32,359,888 | 10.14% | $27,905,144 | 8.75% | $4,155,221 |
| Sep 2023 | $520,304,187 | $54,081,414 | 10.39% | $45,616,219 | 8.76% | $7,040,531 |
| Oct 2023 | $571,354,817 | $63,996,952 | 11.20% | $56,364,083 | 9.86% | $8,550,196 |
| Totals | $4,318,010,047 | $453,591,247 | 10.50% | $384,174,553 | 8.88% | $58,350,374 |
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.