Virginia Sports Betting Hits Record $696M in October

Virginia’s sports betting handle reached a record $696.1 million (£549.3 million/€659.6 million) in October.

Despite this, a year-on-year drop in adjusted gross revenue shows that player-friendly NFL outcomes are beginning to impact operators’ performance. October’s handle was 21.8% higher than the $571.4 million wagered in the same month last year in Virginia. According to Virginia Lottery reports, it also exceeded September’s $622.1 million handle by 11.9%.

Virginia’s January record of $652.9 million was surpassed in October by 6.6%. Online betting contributed $692.2 million, while retail added $3.9 million.

October hold rate reached 7.04%October’s adjusted gross revenue (AGR) was $49.0 million, which showed a 13.1% decline year-on-year and 25.6% below September’s $65.9 million. Online accounted for $48.8 million, and retail brought in $232,925. The Virginia Lottery doesn’t release detailed operator stats, but 11 mobile operators and three casinos reported positive AGR. The hold rate dropped to 7.04% overall, with online at 7.05% and retail at 5.93%, compared to 11.5% in September and 11.2% last October.

This follows reports from operators, including DraftKings, that highlighted how early Q4 NFL outcomes favored customers. In November, the 15% AGR tax on sports betting generated $7.3 million, with 97.5% allocated to the state’s General Fund, and 2.5% directed to the Problem Gambling Treatment and Support Fund.