The Virginia Lottery’s most recent monthly revenue report indicates that the state’s licensed sports betting providers have recorded a remarkable $520.3 million in wagers in September. This figure has seen a 26.5% increase compared to September 2022’s $411.2 million, and a 61.3% surge from the previous month’s sports betting handle. The reported amount is also the largest wagered in a single month for 2023 and the second-largest handle of all time. With this, the year-to-date total has reached $3.7 billion, and the all-time figure stands at $11.8 billion.
In terms of payouts, Virginia sports bettors received a total of $466,222,773 in October. This resulted in a combined win percentage of 10.39% for licensed operators. However, after allowing for bonuses and other deductions of just over $8.4 million, the actual win rate was 8.76%.
The revenues for the month amounted to $45.6 million, reflecting a year-on-year decrease of 15.2%. Out of this figure, $44.7 million was generated by online sportsbooks, while the retail industry reported revenues of $834,675 for the month. Year-to-date, sportsbooks have generated $381.1 million in revenue, and the all-time total now stands at $1.1 billion.
State taxes for the month totaled just over $7 million, bringing the year-to-date total to $49.8 million. Since the launch of sports betting in Virginia in January 2021, the state has collected over $121.9 million in taxes.
The author of this article is Ciaran McEneaney, a gambling industry analyst with over a decade of experience working with some of the biggest names in the sports-betting, gambling, poker & casino industry. You can follow him on Twitter at @travellingmoe.