More than $485.5 million in sports bets were placed in Virginia in January, according to a report released by the Virginia Lottery.
The total handle for January sets a record for a single month in Virginia, passing the previous mark of $427.3 million in October 2021.
Virginia sports betting launched more than a year ago in January 2021. Since then, the state has received more than $22 million in taxes from sports betting activity. Sportsbooks are taxed on their Adjust Gross Revenue at a rate of 15%, and in January Virginia took in approximately $2.9 million in taxes on more than $18 million reported in AGR.
According to the report, sports bettors in Virginia won $446,494,350 in January for an 8.04% operators win percentage (also known as ‘hold’).
So far, according to the Virginia Lottery, which regulates gaming in the state, Virginia has allocated $22,636,215 to the General Fund, and $580,415 to the Problem Gambling Treatment and Support Fund.
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The sports betting handle was up more than 13 percent from December 2021, and January marked the fourth straight month that Virginia reported a handle in excess of $400 million. Thus far, the state has taken in more than $3.7 billion in sports bets in a little over 12 months.
With Super Bowl 56 fueling betting activity, February should also have been a strong month for the state, which is inching close to the half-billion mark in handle for a single month. New numbers are typically released about four weeks after the end of the previous month.
Four of Virginia’s 11 licensed sportsbooks reported a net positive Adjusted Gross Revenue.