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Virginia¡¯s sports betting market witnessed record growth in November in a continuation of its rapid expansion. Adjusted gross revenue (AGR) skyrocketed to $80.6 million (?64.44 million/€78.18 million), marking a massive 121.8 percent surge from November 2023¡¯s $36.4 million (?29.12 million/€35.31 million).
This news comes as China¡¯s lottery industry recently reported a surge in sales during the first nine months of 2024, reaching $66.5 billion (RMB468.9 billion/?53.20 billion/€64.51 billion). The Virginia Lottery¡¯s latest figures reveal a sports betting handle of $760.97 million (?608.78 million/€738.14 million). This is a 19.1 percent year on year increase and is the first time Virginia surpassed the $700 million threshold in betting handle, setting a new record for the second consecutive month.
Online sports betting accounted for the lion¡¯s share of the revenue. It generated $79.98 million (?63.98 million/€77.58 million), whilst retail sports betting contributed a modest $666,689 (?533,351.20/€646,688.33).
바카ë¼ers wagered $756.8 million (?605.44 million/€734.10 million) through online platforms, while land-based sportsbooks accounted for $4.2 million in bets (?3.36 million/€4.07 million). 바카ë¼ers won $674.6 million in payouts (?539.68 million/€654.36 million), while the hold rate for operators climbed to 10.6 percent.
Virginia¡¯s sports betting tax revenue also hit a record high. The state collected $12.1 million (?9.68 million/€11.74 million) in taxes for November, representing a 120.8 percent increase from the $5.5 million (?4.40 million/€5.34 million) in November 2023. This surpasses the old record of $9.9 million (?7.92 million/€9.60 million) set in January 2024.
The General Fund Allocation received a significant sum of $11.8 million (?9.44 million/€11.45 million), with a much smaller $302,529 (?242,023.20/€293,453) allocated to the Problem Gambling Treatment and Support Fund. This comes following a recent announcement in the UAE where The Game LLC teamed up with Takalam, an AI-powered mental health platform, in a bold initiative by the UAE Lottery to promote player mental health.
November¡¯s success followed a strong October, with handle rising 9.3 percent month-on-month. AGR rose 64.6 percent, while tax revenues grew by 64.7 percent compared to October.
Throughout the month, wagers poured in from thirteen mobile operators and three land-based 바카ë¼s, each vying for a share of the market. The Virginia Lottery doesn¡¯t provide a detailed operator breakdown, but this rapid growth highlights the state¡¯s thriving sports betting market.
These figures were released as The American Gaming Association (AGA) recently projected that US commercial gaming revenue will surpass $67 billion (?53.60 billion/€64.99 billion) this year, marking a four-year streak of record-breaking performances. Virginia is still carving its place amongst the nation’s top markets. New York, for example, set a national record in October 2024 with $2.3 billion (?1.84 billion /€2.23 billion) in online sports wagers.
strong momentum indicates the potential of the state to become a significant player in the U.S. gambling market. With consistent record-setting performances, November¡¯s results are a testament to the growing appetite for regulated sports betting amongst Virginians.