Virginia Experiences Record Sports Betting Activity in November

In November, Virginia continued the trend of setting record handles in the thriving U.S. legal sports betting industry, with our top sportsbooks experiencing high levels of activity.

Virginia’s sports betting apps and retail providers had a strong November, following a record-breaking October handle. The state saw a significant increase in sports betting activity month-over-month, becoming the ninth state to reach a $600 million sports wagering month and surpassing $13 billion in lifetime handle with the addition of November’s figures.

$638.8 million November handle for Virginia

In November, Virginia’s sports betting scene continued its streak of record-breaking activity with a total of $638.8 million in bets reported by state providers. This surpassed the previous record set in October by an impressive 11.8%, when $571.3 million was wagered.

In November 2023, there was a significant increase in the total handle, reaching $638.8 million, compared to the $518.8 million reported in November 2022. This marked the first time Virginia sportsbooks exceeded the $600 million mark in a single month, with bettors capitalizing on various promotions. Sports betting sites accounted for $632.2 million of the total handle.

Virginia sportsbooks have generated $4.96 billion in handle figures year-to-date, including November, marking a 23.4% increase compared to the same period in 2022.

Revenues way down

Virginia sportsbooks have been used to seeing high profits and strong revenues from their monthly sports betting operations. However, in November, they experienced an unusually low win rate of 6.7%.

In the almost three years since Virginia legalized sports betting, November marked the third-lowest hold rate on record. It was also the first time in nine months that sports betting providers in the state did not reach a double-digit win rate. Virginia sportsbooks saw a hold of 11.2% in October and 10.4% in September, but experienced a disappointing 6.7% hold in November.

In November, Virginia state betting providers saw gross revenue of slightly over $43 million, marking a significant decrease of nearly $21 million compared to October’s figure of almost $64 million. This represents a 25.3% drop from the $57.5 million reported in November 2022.

Due to the low 6.7% hold, adjusted gross revenues for November totaled $36.4 million.

In November, tax revenue for the state and local coffers totaled $5.5 million, a decrease from $8.55 million in October and $7.78 million in November 2022. So far in 2023, $63.8 million has been collected in taxes for Virginia’s state and local coffers, which is $19 million more than the same period last year.

In 2023, Virginia sportsbooks have grossed $496.6 million in winnings, marking a 15.3% increase from the previous year. Adjusted gross revenues have also seen a significant rise of 40%, reaching $420.5 million in the first 11 months of the year.