Virginia has set record revenue for three straight months

Virginia has set record revenue for three straight months

Virginia has produced three consecutive months of record earnings, according to PlayVirginia, as November sportsbook revenue increased to about $50 million on more than $400 million in wagers.

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Bettors poured $402.6 million in wagers into Virginia’s sportsbooks in November, falling six percent short of October’s $427.3 million, but sportsbooks won a record $48.3 million, up 60% from the $30.2 million generated in October and topping the record $30.9 million generated in September, according to data released by The Virginia Lottery.

After $14.9 million in promotional expenditures, taxable revenue totaled $29.9 million, generating a record $4.2 million in state taxes.

In addition, betting volume decreased to $13.4 million per day in November from $13.8 million in October. Sportsbooks maintained a 12 percent grip for the month, the second-highest level in state history. According to PlayVirginia, some of that is due to terrible luck on NFL games in November and online in-game betting.

Quotes from the Press Release

“When the football and basketball seasons collide as they did in November, the inventory of games presents an ideal opportunity for sportsbooks,” Dann Stupp, head analyst at PlayVirginia.com, explained. “Most importantly, it demonstrates that Virginians have interests beyond football, indicating that sportsbooks will not relinquish their gains over the last three months once the football season concludes.”

“A higher hold percentage demonstrates the market’s maturation,” observed Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayVirginia.com. “Not only have sportsbooks increased their customer base in recent months, but gamblers are becoming more comfortable with non-traditional ways of betting.”

Virginia’s sportsbooks made $109.4 million in income on $1.1 billion in wagers over the last three months, generating $7.5 million in state taxes.

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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.