Sports betting in Virginia continues at a strong pace in November
Virginia recorded $ 402.6 million in sports betting activity with licensed operators in November, the second highest month since sports betting began in Virginia less than a year ago.
Until the end of November, punters had wagered a combined total of over $ 2.7 billion on a wide variety of approved sporting events.
“When the football and basketball seasons converge, such as in November, the game inventory creates a ripe opportunity for sports betting,” said Dann Stupp, chief analyst for PlayVirginia, which tracks the Virginia sports betting market. “Importantly, this shows that Virginians have more diverse interests than football, a sign that sports betting will not give up on the gains made in the last three months after the football season is over.”
The ten authorized operators included in the November report were Betfair Interactive US LLC (FanDuel) in partnership with Washington football team, Crown Virginia Gaming LLC (Draft Kings), BetMGM LLC, Rivers Portsmouth Gaming LLC (Rivers Casino Portsmouth) , Caesars Virginia LLC, WSI US, LLC (Wynn), Unibet Interactive, Inc., Penn Sports Interactive LLC, Golden Nugget Online Gaming VA, LLC and Twin River Management (Bally’s Corporation).
A complete list of all licensed operators can be found here, under the “approvals” tab.
But sports betting took a record $ 48.3 million, up 60% from the $ 30.2 million in revenue generated in October and surpassing the record of $ 30.9 million set in September. After $ 14.9 million in promotional expenses, taxable income reached $ 29.9 million, a record $ 4.2 million in state taxes.
Sportsbook posted a holdback, the percentage of all bets that a sportsbook keeps, of 12.0% for the month. This is the second highest on record for the state. This is in part due to the bad luck of the NFL games in November. Some are the result of in-game online bets, which generally give a higher jack than more conventional bets.
“A higher percentage of ownership is further proof that the market is maturing,” said Eric Ramsey, analyst for the PlayUSA.com network, which includes PlayVirginia.com. “Not only has sports betting gained more customers, especially over the past three months, but punters are increasingly comfortable with less conventional forms of betting.”
In the past three months, Virginia sports betting generated $ 109.4 million in revenue on $ 1.1 billion in wagers, producing $ 7.5 million in state taxes.
Football-related betting has boosted the recent wave of action. But the November schedule only offered four weekends of football, one less than in October, and the Washington football team only played three games. Still, sports betting made up for football’s loss of inventory with a full month of the NBA, as well as the opening of the college basketball season.
“The popularity of football is the industry’s greatest opportunity to attract new customers and expand the market,” Stupp said. “But the importance of basketball is often overlooked. In most major markets, it is the most profitable sport, a product of the number of games played versus football. And the November results show Virginia is following a similar pattern.