Online sports betting continues to be a huge hit in the state of Virginia. The state recorded a third consecutive month of record-breaking revenue according to PlayVirginia. Over $400m was placed in sports bets during November, with nearly $50m in profits being recorded.
Sports bettors in Virginia were very busy in November. A total of $402.6m was wagered at sportsbooks. This was down slightly from the $427.3m that was placed during October. While the overall amount wagered was down, profit was up. Revenue in October totaled $30.2m, while November saw an impressive $48.3m taken. September has held the previous record, recording $30.9m.
These figures were all reported by the Virginia State Lottery. Advertising spends in the state were reported at $14.9m, which puts overall taxable revenue at $29.9m. This led to record tax takings of $4.2m.
Dann Stupp, the lead analyst for PlayVirginia.com, said that one of the main reasons for the profit is that the football and basketball seasons are running simultaneously. This, they believe, creates the perfect storm for sports bettors by providing them with more events to wager on.
Stupp also added that the numbers indicate players in Virginia enjoy betting on a range of different sports. They said that this is a good sign for sportsbooks that numbers won’t drop once the season is over. The NFL season ends on February 13th with the Superbowl. Most sportsbooks will expect to see increased interest in the build-up to the match and the play-offs before a drop in March.
Sportsbooks also recorded $13.4m in sports bets placed each day. This was a slight decrease from October which reported $13.8m.
Sportsbooks in Virginia also recorded a hold percentage of 12% for the month. This was the second-biggest ever recorded in the state. PlayVirginia believes that some of this is down to bad luck in football games and a lot of in-play bets.
Eric Ramsey, an analyst who works with PlayUSA said that a higher percentage hold points towards a maturing market and that it should be seen as a positive. They also said that it shows that not only are more customers signing up but that they are adjusting. to different betting markets. This should be seen as a good thing for sports betting growth in the state.
Overall, the state has recorded $109.4m in sportsbook revenue in the last three months. This comes from more than $1.1bn in sports betting wagers being placed. In total, $7.5m has been taken in taxes as a result of sports betting.