October Marks a Record Month for Virginia Sports Betting Sites

Details: Category: Gambling Industry; Created: Sunday, 04 December 2022 05:52

Virginia sports betting sites achieved a milestone in their monthly handle in October. According to pay per head bookie experts, football season drove the bigger handle. Also, Virginia approved more operators during the month.

According to the Virginia Lottery, the state's online sports betting companies processed $528 million in wagers in October, up from $411.3 million in September.

Virginia's sportsbooks never had a monthly handle of more than $500 million before October.

In October, the handle for Virginia's 13 licensed operators was also 23.6 percent greater than the $427.3 million wagered in October 2021. During that time, there were only nine sportsbooks.

Virginia Sports Betting Sites

In October, total gains by players were around $476.9 million, resulting in gross income for operators of over $51.2 million, or a 9.7 percent hold. Sportsbook reviews and news sites stated the winning percentage in September was 13%.

After subtracting free bets, other incentives, and other permitted deductions, the adjusted gross income from sports betting in Virginia in October was $45.5 million, a modest decrease from the previous month's figure of $48.3 million.

According to sportsbook pay per head sources, seven operators reported positive adjusted income in October, resulting in approximately $7 million in tax payments to the state. Virginia imposes a 15% tax on adjusted gross revenue.

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