Virginia sportsbooks report nearly $50m in November

The state has reached more than $400m in wagers, producing a record month of tax revenue.

US.- Virginia sportsbooks have reached nearly $50m on more than $400m in wagers in November, producing a record month of tax revenue for the state. The state has posted three consecutive months of record revenue, according to PlayVirginia.

Bettors poured $402.6m in wagers into Virginia’s sportsbooks in November, falling 6% on October’s $427.3m according to The Virginia Lottery. Betting volume recorded $13.4m per day over the 30 days of November, down from $13.8m in October.

In November, Sportsbooks marked a record $48.3m in revenue, up 60% from the $30.2m generated in October and topping the record $30.9m set in September. After $14.9m in promotional spending, taxable revenue landed at $29.9m yielding a record $4.2m in state taxes.

Over the last three months, Virginia’s sportsbooks have generated $109.4m in revenue on $1.1bn in wagers, producing $7.5m in state taxes.

Dann Stupp, lead analyst for PlayVirginia.com, said: “When football and basketball seasons converge, as they did in November, the inventory of games creates a ripe opportunity for sportsbooks. Importantly, it shows that Virginians have more diverse interests than just football, a sign that sportsbooks won’t be giving up the gains made over the past three months once the football season ends.”

Eric Ramsey, analyst for the PlayUSA.com Network, which includes PlayVirginia.com, added: “A higher hold percentage is additional evidence that the market is maturing. Not only have sportsbooks gained more customers, particularly over the last three months, but bettors are becoming more at ease with less conventional forms of betting.”

See also: 888 Holdings awarded sports betting licence for Virginia