Virginia Sets Record Sports Betting Handle in October
No tricks here, the Old Dominion State had some solid treats in October as the Virginia Lottery released their official monthly sports wagering activity report on Monday, Dec. 1.
For the period of Oct. 1-31, the state handled a record $831.56 million on sports wagers ($824 million online), 19.5% higher than October 2024 ($761 million). 13 mobile operators, along with three casinos, were authorized to accept wagers in the state.
They are: Bally Bet, bet365, Betr, Betfred, BetMGM, BetRivers, Caesars Sportsbook, DraftKings, theScore Bet (formerly ESPN BET),Fanatics Sportsbook, FanDuel, Hard Rock Bet, and Sporttrade.
Virginia is for winners too as state bettors won a total of more than $751 million for a combined 9.69% hold.
State law places a 15% tax on sports betting activity based on each permit holder’s Adjusted Gross Revenue (AGR), which is total wagers minus total winnings and other authorized deductions.
Paying The State
Of the state tax on sports betting AGR, 97.5% is to be deposited in the state’s General Fund and 2.5% is to be deposited into the Problem Gambling Treatment and Support Fund administered by the Virginia Department of Behavioral Health and Developmental Services.
Ten platforms reported net positive AGR for October, leading to $11.3 million in tax payments for the month ($11.02 million to the General Fund, $282,792.55 to problem gambling).
The Virginia Lottery does not publish breakdowns for individual operators active in the state.
In-State College Sports Betting Not Allowed
You would think that the success of both Virginia and James Madison college football teams this season would have helped with the record handle.
It did not as in-state college sports betting is not allowed.
Both schools will play for conference championship this weekend as James Madison (11-1) will host Troy (8-4) for the Sun Belt Championship on Friday, Dec. 5 at 7 p.m. ET, while Virginia (10-2) will battle Duke (7-5) in the ACC Championship at Bank of America Stadium in Charlotte, North Carolina on Saturday, Dec. 6 at 8 p.m. ET.
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