Virginia sportsbook handle grows 8% in October as mobile dominance continues
Old Dominion State reports 11.2% overall sportsbook hold and mobile gross gambling revenue of $565.6m
Virginian sports betting handle grew by 8.2% year on year in October to $571.4m, according to latest statistics released by the Virginia State Lottery.
Virginia bettors won a total of $502,434,849 during the month in gross winnings from mobile operators and $4,923,016 in retail gross winnings, with the market operating with an overall hold percentage of 11.2% in October.
Existing statute allows operators to deduct certain customer acquisition costs from their adjusted gross revenue, with the state’s mobile operators deducting $2,798,787 in the form of allowable promotions and bonuses. Retail operators made no such deductions in October.
Other deductions made by mobile operators totalled $4,772,777, with retail operators making other deductions totalling $61,305 during October.
As in previous reporting periods, no details of individual operator handle and revenue have been released by the Virginia State Lottery.
Operator adjusted growth revenue (AGR) from the market amounted to $56.4m during October, with mobile contributing the lion’s share of revenue ($55.6m) compared to just $801,495 from the retail sector.
Funds received as part of the tax are distributed in the state with 2.5% going to problem gambling causes in Virginia and the remaining 97.5% into a general fund.
Nine operators reported net positive AGR for October, leading to $8.6m in tax payments for the month.