Sports betting revenue in Virginia experienced a 19% growth compared to the same period last year, as seen in November results.
Virginia Sets New Sports Betting Record in November 2023
In a significant development for the state's gambling industry, Virginia sportsbooks generated a record-breaking sports betting handle of $760.9 million in November 2023, marking a 19.1% increase compared to the same month the previous year.
The surge in betting activity resulted in substantial revenues for the state. Retail sportsbooks, including the newly opened Little Caesars, contributed $7.3 million in adjusted gross revenue, while online operators accounted for a staggering $756.7 million, representing more than 99.4% of the total handle.
Online sports betting operators earned $79.9 million in adjusted gross revenue, surpassing the $4.2 million generated by retail sportsbooks. The Virginia Lottery collected a total of $12.1 million in taxes from the November 2023 sports betting handle.
Of this tax revenue, 97.5% is contributed to the General Fund, with the remaining $302,000 directed towards the Problem Gambling Treatment and Support Fund Allocation, overseen by the Virginia Department of Behavioral Health and Developmental Services.
However, the opening of Little Caesars and the growth of the sports betting industry in Virginia has raised concerns about national security. Experts and members of national intelligence and security agencies have expressed worries about the casino's proximity to nearby military and intelligence facilities.
Despite these concerns, no specific details were provided about the type of casino opened by Little Caesars or the potential impact of the casino opening on the sports betting industry in Virginia. Furthermore, no search results provide information about a company or person starting casino operations in Virginia in December of any year.
As the sports betting industry continues to grow in Virginia, it remains to be seen how the state will navigate these challenges and continue to generate revenue while ensuring the safety and security of its residents and infrastructure.
