Virginians bet record $427M on sports in October

Virginians bet $427 million in October, a new monthly record, according to data released Wednesday by the Virginia Lottery.

Virginia sports bettors won $397 million that month, the lottery announced. Virginia has recorded $2.4 billion in wagering since the state legalized sports betting in mid-January, as well as $206 million in gross gaming revenue, including $90.8 million in taxable revenue. The state has reaped $14.4 million in state taxes as of the end of October, according to PlayVirginia.com

In September, the state reaped $293.85 million, making October’s revenue a 45.4% increase. Virginia Lottery attributed the increased activity to the month’s five full weekends of NFL and college football.

The nine licensed operators included in October’s reporting were Betfair Interactive US LLC (FanDuel) in partnership with the Washington Football Team; Crown Virginia Gaming LLC (Draft Kings); BetMGM LLC; Rivers Portsmouth Gaming LLC (Rivers Casino Portsmouth); Caesars Virginia LLC (William Hill); WSI US LLC (Wynn); Unibet Interactive Inc.; Penn Sports Interactive LLC; and Golden Nugget Online Gaming VA LLC, first included in September.

Three newly approved operators, which received temporary permits in November, are Colonial Downs Group LLC, Digital Gaming Corp. Virginia LLC and VHL VA LLC. Bally’s Corp. received a temporary permit on March 15 and is now live. A new sports betting license was granted Nov. 30 to 888, a gaming and online betting company, that has partnered with Sports Illustrated and Virginia Beach-based Virtual Entertainment Partners LLC. SI Sportsbook is expected to launch in Virginia next year, according to a news release from 888.

The state placed a 15% tax on sports betting activity based on each permit holder’s adjusted gross revenue. With three operators reporting net positive adjusted gross revenue, the monthly taxes for October total $1.7 million.