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Virginia breaks sports betting record in November

Like many other jurisdictions across the country, November proved to be a very busy month for sports bettors in the state of Virginia.

In November Virginia sportsbooks reported a record $48.3 million in revenue. That was despite a small drop in handle when compared to October. In November Virginia sportsbooks reported $402.6 million handle, which as down nearly six percent from October.

[ Check out Virginia sportsbooks FanDuel and Draft Kings

For the Virginia tax man November’s revenue numbers meant a $4.2 million tax bill for sportsbooks. Sports betting revenue in the state is taxed at 15 percent, but in November only four operators reported a net positive adjusted gross revenue and owed tax.

The leading sportsbooks in Virginia during the month is not known as Virginia only reports those numbers quarterly. The last quarterly report, which was issued in October, showed FanDuel Sportsbook leading all sportsbooks in the state with 45.4 percent of all handle through September. Following them was DraftKings Sportsbook with 26.1 percent and BetMGM with 17.9 percent.

On a national basis, when compared to the other states that have legalized sports betting, Virginia ranked seventh in handle and fifth in revenue for November. That could change slightly later this month as a few big states, including Colorado and Illinois have yet to officially announce their handle and revenues from November. Other states that have not yet filed November reports include Delaware, Tennessee, Wyoming, and Arizona.

The leader in handle and revenue for the month was New Jersey which reported 1.25 billion in handle and $114 million in revenue.

Tagged – Virginia breaks sports betting record in November

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