In the dynamic world of sports betting, Virginia has made a whopping leap with a 14% surge in sports wagers, reaching an impressive $5.59 billion in 2023. 📈 December was a particularly strong month, showcasing a 26% spike in handle, amounting to a substantial $633.2 million.
The online sports betting arena was a significant contributor to this growth, with a 24% increase in online handle, hitting $625.5 million by the end of December. Meanwhile, the traditional retail betting in Virginia’s bustling casinos added a cool $7.7 million. 🎰
December was a month to remember in Virginia’s sports betting landscape, with the overall sports gross win soaring by 25% to $63.6 million, achieving an impressive margin of 10.0%. 🌟
After accounting for permitted deductions totaling $6.4 million, Virginia’s adjusted gross revenue (AGR) for the month was a remarkable 22% higher than the previous year, reaching $57.2 million. 📊
Zooming out to the annual perspective, the AGR witnessed a robust 37% growth, totaling $477.4 million, with a staggering $471.8 million generated from online betting alone. 💻
Virginia Sports Betting Summary: December 2023 ($)
| Platform | Internet | Retail | TOTAL |
|---|---|---|---|
| Handle | $625,516,403 | $7,665,355 | $633,181,758 |
| Gross Win | $62,635,709 | $971,302 | $63,607,011 |
| Adjusted Gross Win | $56,271,890 | $916,071 | $57,187,962 |
In a notable shift, promotional deductions by Virginia’s online sports betting operators plummeted from $81.4 million in 2022 to just $28.8 million in 2023. It’s worth noting that such deductions are permissible only during the first 12 months of an operator’s license in Virginia.
December also saw 10 of Virginia’s licensed sports betting operators report net positive AGR, fueling a 20% hike in tax contributions to a hefty $8.5 million. 🤑
This surge in Virginia’s sports betting scene underscores the thriving market and the state’s growing prominence in the sports wagering domain. With these impressive figures, Virginia is certainly on a winning streak in the sports betting world! 🌟💸
