The state of Virginia has posted three consecutive months of record revenue as November sportsbook surged to nearly $50m on more than $400m in wagers, stated PlayVirginia.
Producing a record month of tax revenue for the state, bettors poured $402.6m in wagers into Virginia’s sportsbooks in November, falling six per cent short of October’s $427.3m but sportsbooks won a record $48.3m, up 60 per cent from $30.2m in revenue generated in October and topping the record $30.9m set in September, according to data released by The Virginia Lottery.
After $14.9m in promotional spending, taxable revenue landed at $29.9m, yielding a record $4.2m in state taxes.
“When football and basketball seasons converge, as they did in November, the inventory of games creates a ripe opportunity for sportsbooks,” said Dann Stupp, lead analyst for PlayVirginia.com. “Importantly, it shows that Virginians have more diverse interests than just football, a sign that sportsbooks won’t be giving up the gains made over the past three months once the football season ends.”
Moreover, November witnessed betting volume slip to $13.4m per day over the course of the month from $13.8m in October.
Sportsbooks posted a hold of 12 per cent for the month, the second highest ever for the state. Some of that, according to PlayVirginia, is a result of bad luck on NFL games in November and a result of online in-game betting.
“A higher hold percentage is additional evidence that the market is maturing,” added Eric Ramsey, an analyst for the PlayUSA.com Network, which includes PlayVirginia.com. “Not only have sportsbooks gained more customers, particularly over the last three months, but bettors are becoming more at ease with less conventional forms of betting.”
Over the last three months, Virginia’s sportsbooks have generated $109.4m in revenue on $1.1bn in wagers, producing $7.5m in state taxes.