Virginia Experiences Record Sports Betting Activity in November

Virginia followed what has become a well-established theme in the broad U.S. legal sports betting industry with yet another record handle in November as our best sportsbooks saw plenty of action.

Virginia sports betting apps and retail providers in the state followed up a record October handle with a healthy month-over-month sports betting activity increase in November. In the process, Virginia became just the ninth state to record a $600 million sports wagering month and the ninth state to surpass $13 billion in lifetime handle with November's figures added in.

$638.8 million November handle for Virginia

For the second straight month, the Virginia sports betting scene saw record wagering activity as $638.8 million in bets was reported by state sports wagering providers in November, bettering the previous record of $571.3 million reported in October by an eye-opening 11.8%.

November 2023's handle is an impressive year-over-year $120 million spike from the $518.8 million reported in November 2022. As mentioned, November was the first time that Virginia sportsbooks have combined to eclipse the $600 million handle mark in a given month, as bettors surely took advantage of numerous Virginia sportsbook promos. Sports betting sites contributed $632.2 million of the $638.8 million handle.

Year-to-date handle figures, including November, are $4.96 billion for Virginia sportsbooks. It is a 23.4% year-over-year improvement from the same 11-month period in 2022.

Revenues way down

Virginia sportsbooks have become accustomed to high holds and impressive revenues from their monthly sports betting activity. That was until November, when the win rate fell to an uncharacteristically low 6.7%. 

It represents the third-worst hold rate ever in the nearly three years of Virginia sports betting legalization and the first time in nine months that sports betting providers in the state haven't achieved a double-digit win rate. Virginia sportsbooks enjoyed an 11.2% hold in October and 10.4% in September before their underwhelming 6.7% in November.

Gross revenue for Virginia state betting providers came in at just over $43 million in November, a nearly $21 million month-over-month decline from almost $64 million in October and 25.3% worse than the $57.5 million reported in November 2022.

Thanks to the poor 6.7% hold, adjusted gross revenues came in at $36.4 million in November.

Tax revenue for the state and local coffers in November was $5.5 million, down from $8.55 million in October and $7.78 million in November 2022. Through 11 months of 2023, $63.8 million in taxes has been collected for needy state and local tax coffers in Virginia. That's just over $19 million more than the same 11-month period last year.

For 2023, gross winnings for Virginia sportsbooks stand at $496.6 million, a 15.3% improvement over the same period last year. Adjusted gross revenues increased an impressive 40% to $420.5 million for the first 11 months of 2023.