Virginia sets sports betting revenue record in November, second highest monthly handle

Virginia sportsbooks posted their most lucrative month yet as revenue in November surged to nearly $50 million on more than $402 million in wagers, producing a record month of tax revenue for the state. Virginia has now posted three consecutive months of record revenue, adding to a historic surge of sports betting this fall across the U.S., according to PlayVirginia, which tracks Virginia's sports betting market.

Bettors poured $402.6 million in wagers into Virginia's sportsbooks in November, falling 6% short of October's $427.3 million, according to data released Thursday by The Virginia Lottery. Betting volume slipped to $13.4 million per day over the 30 days of November from $13.8 million in October. November is the 10th full month of reporting since legal sports betting launched in Virginia on Jan. 21. 

But sportsbooks won a record $48.3 million, up 60% from $30.2 million in revenue generated in October and topping the record $30.9 million set in September. After $14.9 million in promotional spending, taxable revenue landed at $29.9 million, yielding a record $4.2 million in state taxes.

Sportsbooks posted a hold, the percentage of all wagers that a sportsbook keeps, of 12.0% for the month. That's the second highest ever for the state. Some of that is a result of bad luck on NFL games in November. Some is a result of online in-game betting, which typically yields a higher hold than more conventional wagering.

Over the last three months, Virginia's sportsbooks have generated $109.4 million in revenue on $1.1 billion in wagers, producing $7.5 million in state taxes.

Football-related wagering has spurred the recent surge in action. But November's calendar offered just four weekends of football, one fewer than in October, and the Washington Football Team played just three games. Yet sportsbooks made up for the loss of football inventory with a full month of the NBA, as well as the opening of the college basketball season.