Virginia bookmakers report close to $50m in revenue plus a record $4.2m in state tax for the month of November. Bookmakers in Virginia reported their highest grossing month yet as the revenue for the month of income almost hit the $50m on the more than $400m in bets, generating a record of $4.2m in state taxes.
Bookies in Virginia did win a record $48.3m, a figure up by 60% from $30.2m in revenues realized in the month of October, topping September’s record of $30.9m. After $14.9m in terms of promotional spending, what remained was $29.9m in taxable revenue.
Bettors in the state spent $402.6m in bets placed during the month of November, at a wagering volume of $13.4m per day, in comparison to $13.8m per day for the month of October.
Based on a report by PlayUSA, Virginia bookmakers did report a hold of 12% for the month, representing the percentage of entire bets that bookies keep. Notably, this was the 2nd highest ever hold for Virginia.
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“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,” said Eric Ramsey, an Analyst for PlayUSA.
Over the last 3 months, Virginia’s bookies have generated $109.4m in revenue based on $1.1bn in bets, a move that generated $7.5m in state taxes.
Football bets showed the most from bettors, though the month of November offered only 4 weekends of football action Washington Football Team having been in action only three games. But punters appeared more interested in the NBA, along with the opening of the college basketball season.
An expert for PlayVirginia asserted that the importance of basketball is mostly ignored even though in plenty of markets it’s one of the highest lucrative sport.