The November sports betting numbers are in for the state of Virginia, and sportsbooks posted a record win. The total sports betting handle was actually lower than it was in October, but it was still an
impressive number.
Total sports betting handle for November was $402.6 million, which was down from the record $427 million that came in during October. October had five weekends of NFL football action, and that was part of the reason that November was unable to keep up.
The adjusted gross revenue was the most impressive number for the state as that total was $29.9 million. That was an increase of more than 205% from October, and it easily set a new record for the state.
November was a great month for sportsbooks throughout the U.S. as plenty of NFL upsets hurt the bettors. The massive amount of adjusted gross revenue allowed the state to collect over $4.2 million in taxes for the month.
The total betting handle is now over $2.7 billion since January when sports betting officially launched in the state.
Basketball Boosts the Numbers
The November sports betting numbers were boosted by basketball, both at the professional and college
level. Virginia is a state that allows betting on collegiate sporting events, and that has helped sportsbooks find plenty of betting markets.
Virginia is not home to any professional sports teams, but the Washington Capitals and Washington Wizards both have plenty of local fan support. The NFL will continue to lead the way in terms of handle over the next two months, but soon it will be basketball that carries the handle.
When the December sports betting numbers are revealed, the total betting handle for that month should also be more than $400 million.
Top Operators in Virginia
Virginia does not force operators to partner with a casino in order to apply for a license because there aren’t any casinos in the state. Because of that, online-only operators have been able to launch in
Virginia, and there have been plenty of big names that have entered the state.
FanDuel and DraftKings are two of the market leaders throughout the U.S., and each has gotten off to a big start in Virginia as well. There are now ten online sports betting options in Virginia, and others are set to launch at some point in 2022.
When are Casinos Coming?
Not only did Virginia legalize sports betting, but there was also legislation passed to allow for casinos to be built throughout the state. There were five cities chosen as locations for these casinos, and four of those projects have already been approved.
These projects will continue throughout 2022, and the casinos are set to open up at some point in 2023. Retail betting will be available at these casinos as well, but online sportsbooks are expected to continue to drive the industry.
Richmond is the fifth city that can build a casino, but that project has not been approved by voters in that city.
