The latest monthly revenue report from the Virginia Lottery shows that the state’s licensed sports betting providers reported accepting over $520.3 million in wagers throughout the month of September.
According to the report, the latest figures represent a 26.5% increase on September 2022’s figure of $411.2 million and a 61.3% increase on the previous month’s sports betting handle. It’s also the largest amount wagered in a single month for 2023 and the second largest handle of all-time. This brings the year-to-date total to $3.7 billion while the all-time figure is now $11.8 billion.
Virginia sports bettors won a total of $466,222,773 during the month. This gave licensed operators a combined win percentage of 10.39%. However, when allowable bonuses and other deductions of just over $8.4 million were taken into account, the actual win rate was 8.76%.
Revenues for the month came to $45.6 million, a year-on-year decrease of 15.2%. Of that figure $44.7 million was generated by online sportsbooks while the retail industry reported revenues of $834,675 for the month. So far in 2023, sportsbooks have generated $327.8 million in revenue while the all-time total now stands at $806.9 billion.
State taxes for the month came to just over $7 million, bringing the year-to-date total to $49.8 million. Since sports betting in Virginia launched in January 2021, the state has collected over $121.9 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 |
| Totals | $3,746,655,230 | $389,594,295 | 10.42% | $327,810,470 | 8.78% | $49,800,178 |
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.