In November 2022, Virginia sports bets had an undeniable outcome – the state’s general fund emerged as the clear winner once again, with substantial gains.
According to the most recent report by the Virginia Lottery, sportsbooks have set a new tax record for November, generating a whopping $7.78 million. This amount surpasses the previous record of $7.3 million, which was collected in September.
The credit policy has been altered in light of the substantial tax collection. Following a grace period of one year, Virginia has implemented taxes on sports bets and promotional offers. Previously, the state missed out on revenue when companies utilized enticing offers to entice new customers. However, the 2022 state budget included the closure of this tax loophole. Sports betting profits in Virginia are now subject to a 15% tax rate.
In Virginia, taxes on legal bets made in November have been collected.
- The general fund received approximately $7.6 million.
- Problem gambling received a total amount of $194,566.
The Problem Gambling Treatment and Support Fund receives 2.5% of gaming profits allocated by the Virginia Department of Behavioral Health.
November 2022 Virginia sports bets were flat, but still flirted with record levels
In November, a total of $518.8 million was wagered by customers at the 13 sportsbooks operating in Virginia.
The total has increased by 28.9% compared to the same month last year.
In November, the numbers fell short of the all-time record by approximately 1.7%. The record was set in October 2022, where sportsbooks accumulated an unprecedented $528 million in a single month.
According to the Virginia Lottery, eight out of the 13 sportsbooks in the state showed positive results after considering customer wins and authorized deductions. A month ago, only seven of the 13 sportsbooks had reported a positive adjusted gross revenue.
Sportsbooks in Virginia were permitted to deduct approximately $3.9 million by the state. Despite this, the newer sportsbooks in Virginia managed to provide customers with bonuses and promotional offers amounting to $817,857.
Virginia sportsbooks won at higher levels
In the newly released November data, it was observed that the house experienced an improvement compared to October. The hold percentage reported by companies increased from 9.7% in October to 11.1% in November, indicating a positive trend.
In spite of a slight decrease of less than 1.7% in betting dollars (handle) compared to October, the adjusted gross revenue in the latest totals experienced a rise from $45.5 million to $52.8 million.
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