The Virginia Lottery released the November sports betting handle. The sports betting trade had a small setback with a handle of 402.6 million compared to $ 427.3 million in October, a decrease of approximately 5.8 percent.
Virginia’s Sports Betting Trade Numbers Breakdown
One of the reasons for the slight decline could be that the state had an extra weekend in October to take bets. However, the November sports betting trade was the second highest in the state’s history since it began on January 31. The handle amount is also $ 100 million more when compared to September numbers.
Although the Handle saw a slight decline last month, Adjusted Gross Revenue rose 205.8 percent to $ 29,926,697. On the flip side, adjusted gross sales for October were relatively weak at $ 9,785,700.
With more than $ 400 million in sales in November, the state’s total since inception rose to $ 2.7 billion. The numbers are still very good considering there was a football weekend less to consider. The Washington Football Team also had Bye Week earlier this month.
This caused the average daily betting volume to drop from $ 13.8 million to $ 13.4 million. At 12.01 percent, gross sales were the second-highest level since July, when the gross sales rate was 12.33 percent. The gross receipts for November ranked 10th when compared to the 18 other states that released their numbers.
Virginia’s sports betting business is entering the new year
Sports betting providers had total sales of about $ 48.3 million, although sports betting spent around â¬ 14.9 million on promotions and advertising. The previous record was set in September and was only $ 30.9 million.
Eric Ramsey, analyst for the PlayUSA.com Network, said:
“A higher hold percentage is additional evidence that the market is becoming more mature … Sports betting has not only gained more customers, especially in the last three months, but bettors are also more comfortable with less conventional forms of betting.”
For the last three months of the Virginia sports betting market, sports betting had sales of $ 109.4 million out of over $ 1.1 billion based on the number of bets placed. This resulted in $ 7.5 million in state taxes.
The Washington Football team only played three games in November, but there are a variety of other teams to cheer on the state’s residents. The Washington Capitals and Washington Wizards had the first full month of their respective seasons in November.
Virginia is also home to two prestigious college schools including Virginia Cavaliers and Virginia Tech Hokies. There are also a number of sports betting bettors across the state to choose from.
Virginia is one of the few states that does not have any commercial or tribal casinos. Bets can be placed via mobile devices or in the Capital One Arena. However, four casinos are expected to open by 2023, including locations in Bristol, Danville, Portsmouth and Norfolk.
With these casinos built, it can be expected that the sports betting trade and revenue will increase in 2023 and beyond.