Virginia sports betting handle hits new record in October

Virginia’s sports betting handle was $571.3m.

US.- Virginia’s sports betting handle was $571.3m in October, up 8.2 per cent compared to October 2022 ($528m) and up 9.8 per cent from September 2023. It’s the largest amount wagered in a single month since sports betting launched in January 2021.

Virginia sports bettors won $507.3m, leaving operators with a win of 11.2 per cent (9.86 per cent after bonuses and other deductions of $7.4m). Revenue was $56.3m, a year-on-year increase of 23.7 per cent and a state record. Some $55.5m was generated by online sportsbooks and $801,495 from retail. State taxes for the month came to just over $8.5bn, bringing the year-to-date total to $58.3m.

So far in 2023, sportsbooks have generated $384.1m in revenue. The all-time total stands at $863.3bn.

Fanatics Betting and Gaming, a subsidiary of Fanatics Holdings, has launched its online sportsbook in Virginia, its seventh US state.