Between Nov. 1 and Nov 30 bettors in Virginia wagered $760,965,450 on sports, that’s 19.1% higher than November 2023. The Old Dominion is currently host to 12 online sportsbooks: Bally Bet, bet265, BetMGM, Betr Sportsbook, BetRivers Sportsbook, Caesars Sportsbook, DraftKings Sportsbook, ESPN BET, Fanatics Sportsbook, FanDuel Sportsbook, Hard Rock Bet, and Sporttrade.
Sporttrade is the newest operator to open in Virginia launching
in October.
In addition to mobile online operators, in-person betting is
available at three retail sportsbooks: Hard Rock Hotel & Casino Bristol, Rivers
Casino Portsmouth, and Caesars Virginia in Danville.
From the $760 million bet in November, $674,614,210 was paid
out as winnings to bettors. After paying out winnings and other authorized
deductions, sportsbooks combined held 11.35% as adjusted gross revenue (AGR),
or $80,644,860.
State law places a 15% tax on sports betting activity based
on each operator’s AGR. Ten operators reported net positive AGR for November,
leading to $12.1 million in tax payments to the state.
Sports Betting vs Casinos
Sports betting revenue is a big leader in the state when it
comes to gambling.
On Dec. 13, the Virginia Lottery released its report on
casino gaming activity in the state for November. Gaming revenue from the three
casinos during the month totaled $63.6 million.
As with sports betting, Virginia assesses a tax on casino
revenue. The Virginia Lottery report shows $13.3 million in taxes was paid to
the Gaming Proceeds Fund.
No comments:
Post a Comment