Virginia posts record-setting numbers in October

Virginia Beach statue
Image: Shutterstock

It was a record amount of handle and revenue for Virginia sportsbooks in October.

Newly released numbers from the Virginia Lottery reported $571 million in total handle across online and retail sportsbooks in the state. Gross gaming revenue came in just shy of $64 million. After promotional credits and other allowable deductions, sportsbooks had $56.4 million in taxable adjusted gaming revenue. Sportsbooks in operation for less than a year are eligible for promotional deductions. They did so to the tune of $2.8 million.

The Lottery reported an 8% uptick in handle year-over-year.

The state does not supply individual operator data but did note that nine of the 17 operators posted positive revenues for the month, resulting in tax dollars for the state amounting to almost $8.6 million. Of that money, almost $214,000 will go to the Problem Gambling Treatment and Support Fund Allocation.

While there are currently 17 operators licensed in the state, they are going to lose at least one in the coming months. Earlier this week, Kindred announced it would be shutting down its US and Canadian operations in early 2024, which means Unibet will stop operating in the commonwealth in the near future.

Handle for the month puts Virginia neck-and-neck with Massachusetts, as both states posted $571 million in handle for the month. It also puts them ahead of other large states like Michigan and Maryland.