Virginia sports broke the $500 million mark for the first time in October, helped by a growing number of carriers in the state.
Sports in Virginia hit a record high in October, boosted by the football season and a larger list of licensed operators in the state.
The Virginia Lottery reported Thursday that the state’s sports betting sites controlled $528 million in bets in October, up from $411. 3 million in September.
Prior to October, Virginia’s sports had never surpassed $500 million per month. The handful of Virginia’s thirteen authorized regular players in October also exceeded by 23. 6% the $427. 3 million wagered in October 2021, when only nine pounds were wagered.
Player gross for October was approximately $476. 9 million, bringing operator gross to approximately $51. 2 million, representing a hold of approximately 9. 7%. The good fortune rate for September was 13%.
After deducting single bets and other promotions, as well as other allowable deductions, Virginia’s adjusted sports betting gross profit in October was $45. 5 million, down from $48. 3 million in September.
Seven traders reported positive adjusted earnings for October, the lottery said, which translated into nearly $7 million in tax bills for the state. Virginia has implemented a 15% tax on adjusted gross income.