The Virginia sports betting market has continued its year-over-year growth in November 2022, with total handle increasing by nearly 30% annually.
Data from the Virginia Lottery has revealed that bettors in the state wagered $518.8m across 13 different operators in November, up 28.9% YoY, though only 10 operators were active in November 2021.
However, this does represent a decline of 1.7% from October’s figure of $528.0m, despite the NFL season being in full swing.
During November, players won a total of $476.9m, giving operators a combined hold rate of 11.09%. This is slightly higher than in October, when operators reported a hold rate of 9.69%.
Meanwhile, operators gave away $817,857 in bonuses and promotions during November, and with $3.9m in other deductions, posted a total AGR of $52.8m.
This represents a 9.3% increase YoY from November 2021, which at the time set a new record for AGR in a month.
It also represents a 16% increase from October as the ‘other deductions’ category saw a reduction of over $800,000.
As per state law, operators pay a 15% tax rate on their positive AGR; the Virginia Lottery disclosed that eight operators reported a net positive AGR during November, leading to a total tax yield of $7.8m.
This is up 4% YoY and up 11.4% on October’s figure of $7m, when just seven operators reported a positive net AGR.
97.5% of all tax funds go towards the state’s General Fund, with 2.5% being deposited into the Problem Gambling Treatment and Support Fund administered by the Virginia Department of Behavioral Health.
