Virginia sportsbooks reported the most lucrative month yet as November’s revenue amounted to almost $50m on more than $400m in wagers, producing a record of $4.2m in state taxes.
Sportsbooks won a record $48.3m, up 60% from $30.2m in revenue generated for October and topping September’s record of $30.9m. After $14.9m in promotional spending, taxable revenue landed at $29.9m.
Bettors spent $402.6m in wagers for November at a betting volume of $13.4m per day, compared to $13.8m daily for October.
According to PlayUSA, Virginia sportsbooks posted a hold of 12% for the month. The hold represents the percentage of all wagers that a sportsbook keeps. This was the second-highest ever hold for the state.
Commenting on the hold, Eric Ramsey, an Analyst for PlayUSA, commented: “A higher hold percentage is additional evidence that the market is maturing. Not only have sportsbooks gained more customers, particularly over the last three months, but bettors are becoming more at ease with less conventional forms of betting.”
Over the last three months, the state’s sportsbooks have produced $109.4m in revenue on $1.1bn in wagers, generating $7.5m in state taxes.
Bettors showed the most interest in football. But November offered only four weekends of football with Washington Football Team having played just three games.
However, gamblers seemed passionate about the NBA, as well as the opening of the college basketball season.
An analyst for PlayVirginia (which is included in the PlayUSA Network) suggested that the importance of basketball is often overlooked even though in most major markets it is the highest-grossing sport.
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