Virginia’s GGR declines, sports betting skyrockets to state record

Virginia’s GGR declines, sports betting skyrockets to state record

PlayVirginia‘s online casino revenue is behind other iGaming states, even with a lower population. 

Virginia saw online gambling slide, sports betting gain

Virginia disclosed its October revenue numbers yesterday, revealing that its two online gambling businesses earned a little over a million in gross gaming revenue (GGR). Gross gaming revenue in Virginia fell 2.5 percent in October, falling short of the previous month’s record.

Its marginal decrease from $30.9 million to $30.2 million comes after Virginia’s sports betting activity soared to a state record level in the same month, with five weekends of football cited as the catalyst for wagers exceeding $427 million. 

The total boosted further by the start of the NBA season and the postseason of baseball officially made Virginia the quickest state in US history to exceed $2 billion in lifetime wagers, according to PlayVirginia, which analyzes the state’s sports betting market.

According to figures from The Virginia Lottery, Virginia’s online sportsbooks took in $427.3 million in wagers in October, substantially surpassing the previous high of $304.1 million set in March. The state handle increased 45.4% from $293.9 million in September, while daily volume increased to $13.8 million in October from $9.8 million in September. Additionally, Virginia claimed that $15.8 million in promotions reduced taxable sales to $9.8 million, giving a state tax revenue of $1.7 million.

Virginia has generated $2.4 billion in wagering income, $206 million in gross gaming revenue, $90.8 million in taxable revenue, and $14.4 million in state taxes since its inception in January 2021. 

Quotes from the Press Release

Dann Stupp, PlayVirginia.com’s lead analyst, stated: “With an extra weekend of NFL and college football, the start of the NBA and NHL seasons, and baseball’s postseason, October was the biggest opportunity for Virginia sportsbooks thus far, and the results did not disappoint.”

“A solid start to the football season demonstrates a maturing market, with a growing number of operators entering the market and an increasing number of bettors becoming comfortable with online sports betting.”

“It’s difficult to envision a more positive start for Virginia’s sports betting sector,” said Eric Ramsey, an analyst with the PlayUSA.com Network, which includes PlayVirginia.com. “The rapid growth in the last two months has raised the standard for the overall market as well. Not only are more Virginians betting, but their interest in nontraditional wagers such as in-game betting is growing.

 

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.