Virginia is on pace for a record-setting year of sports betting after smashing an all-time record during the month of October.
In the Virginia Lottery’s October report issued earlier this month it reported a record-high sports betting handle of $571.4 million during the month. That topped the previous record high for a single month of $528 set in October, 2022. That was an 8.2 percent jump year-over-year.
The record-high handle also led to record-setting revenues for sportsbooks, who reported $64 million in revenue. This is the first time that monthly revenues have ever topped $60 million in the state. These record-high revenues also meant a record tax haul for the state, which received $8.6 million in October.
Virginia’s strong October puts them on track for a record-setting year as well. Through October sports betting handle in Virginia is up 11 percent when compared to 2022. In 2022 sport betting handle through October was $3.893 billion compared to $4.315 billion in 2023. Yearly revenues for sportsbooks currently sit at $453.3 million, up from $373 this time a year ago.
Virginia does not publish sportsbook data monthly, but the most recent quarterly report shows that FanDuel Sportsbook dominates the handle in 2023. In the latest quarterly report that shows data through September, FanDuel has just over 40 percent of the sports betting handle valued at $1.5 billion.
In second place is DraftKings Sportsbook with just under 28 percent of handle, valued at $1.04 billion.
