In November, for the second consecutive month, Virginia reported more than $400 million in total handle on sports betting. The figure of $402.6 million in November 2021 is the second-highest since sports betting was legalized in the state.
With 10 months of sports betting numbers now in the books, Virginians have bet more than $2.7 billion on sporting events. With a tax rate of 15% on adjusted gross revenue (AGR) sports betting, Virginia has gathered more than $18.6 million in revenue for the state, most of it going into the state’s General Fund. Of that sum, 2.5% (about $465,000) was set aside for the Problem Gambling Treatment and Support Fund.
Heavy sports schedule in November feeds record tax revenue month
Adjusted gross revenue on sports betting in Virginia for last November was $29.9 million after winnings, bonuses, promotions, and other deductions are accounted for. Through the end of November of 2021, operators in the state have an aggregate AGR of $120.7 million. For November, operators paid $4.2 million in taxes to the state, a record for Virginia.
In November, with both college basketball and football active, as well as the popularity of the NFL, sports bettors had a smorgasbord of options. In addition, the NBA and NHL were also in action. While weekly football games serve as a lynchpin for sportsbooks, the frequency of college basketball and professional basketball and hockey games also generate sports wagers and contribute heavily to the overall handle.
Virginia launched mobile sports betting in January 2021. February will mark the second straight year that sports bettors in the state will have a chance to place bets on the Super Bowl, the most popular sports betting event annually.
Virginia Sports Betting Data