The Virginia Lottery reported a 30% increase in the September handful over the past month, with the winning rate holding firm, resulting in a 35% monthly increase in revenue.
The Virginia Lottery released the state’s September figures and Virginia sports betting generated $411. 2 million in bets during the month, a 30% increase from August’s $284. 7 million.
Retail outlets and sports sites performed well in September, with sports posting a 13% win rate for a consecutive month, prompting legal sports operators to post an adjusted gross profit of $48. 3 million after deductions, a 35% monthly increase. .
Virginia taxes sports betting at 15%, of which the maximum will go to the state’s general fund and 2. 5% will go to gambling.
Each operator’s market share in the former Domain remained almost the same in the third quarter, however, there was a slight increase in the number of sports bets dedicated to promotions.
Virginia’s most recent annual report showed that BetMGM’s promotional spending percentage increased to 34. 7% (from 23. 2% from January to November 2021), the largest in the market and also an anomaly, as other brands have reduced their promotional spend.
DraftKings has declined, during the same periods, from 21. 9% to 15. 6%, FanDuel is at 28% after sitting at 33. 8% in 2021, and Caesars went from a promotional percentage of 14. 2% to 8% at YTD 2022.
The report also showed that professional basketball is the favorite game of gamblers, accounting for 23. 66% of bets since the beginning of the year, with baseball coming in at the moment with 14. 1% and football with 10. 88%. Parlays – a developing source of profit for all gaming bets: They also accounted for one-fifth of all bets on Old Dominion.
Football season has arrived, casinos are opening and Virginia’s voluntary deferral program has seen an increase in registrations. The Commonwealth allows bettors to impose a two-year, five-year or lifetime sports ban.
The rule also prevents them from entering a casino or fantasy sports.
Over the last 3 months (mid-July to mid-October), those of the two-year era increased by just under 20%, while those of the five-year ban increased by 19%. The number of other people enrolled in the lifetime ban also increased fivefold (from one user to five).