Virginia sports betting sees record-high gross revenue of $64 million in October

The Virginia Lottery has released sports betting figures for October 2023, indicating a record $64 million in gross operator revenue. This is the first time that gross revenue surpasses $60 million in Virginia, with the state beating its own record set last November when it generated revenue of $57.5 million. 

The state has recorded $453.6 million in gross operator winnings through the first 10 months of 2023, 21.6% higher than the same period last year. October also marks the seventh time revenue was above $50 million.

The combined sports betting handle from mobile and retail sports betting was $571.4 million. While mobile dominated the sector and raked in $565.6 million worth of wagers, brick-and-mortar locations recorded a handle of just $5.8 million in October. 

Handle was up 8.2% when compared to last October’s then-record $528 million and 9.8% higher than September’s $520.3 million this year. Sports betting apps in Virginia recorded $63.1 million in gross revenue, and the state’s three brick-and-mortar sportsbooks generated $863,000.

Virginia records collective hold of 11.2% in October

October also marks the eighth consecutive month that sportsbooks posted a double-digit hold, at 11.2%. This was nearly a point higher than September’s 10.4%. The state was eligible to tax $56.4 million in adjusted revenue after operators claimed $4.8 million in deductions and $2.8 million worth of credits were provided as promotional play.

At least three operators, bet365, Betfred, and Betr, were eligible to deduct promotional credits as operators that have been in the state for less than 12 months. Meanwhile, nine operators finished with a net positive AGR, which resulted in $8.6 million worth of tax receipts.