Player spending on sports betting in Virginia increased 23.6% year-on-year to $528.0m in October, while revenue was also up in the US state.
Virginia’s monthly handle was comfortably higher than $427.3m in October last year and also 28.4% ahead of the $411.3m wagered by consumers in September of this year.
Adjusted gross gaming revenue for October, defined as total bets minus winnings, bonuses and promotions and other authorized deductions, rocketed by 364.3% year-on-year from $9.8m in October 2021 to $45.5m this year.
However, this monthly total was 6.0% down from $48.4m in September 2022.
Consumers won $476.9m from sports betting during October, while $963,187 in bonuses and promotions were issued to players. In addition, the Virginia Lottery accounted for a further $4.7m in other deductions.
Total tax collected from sports betting activity in October amounted to was $7.0m, with $6.8m allocated to the General Fund Allocation and $173,916 the Problem Gambling Treatment and Support Fund Allocation.