Sports betting revenue in Virginia experiences a notable rise of over 19% compared to the previous year, as recorded in November figures
In the bustling state of Virginia, the sports betting scene made headlines in November 2023 with record-breaking figures. The Virginia Lottery reported a total sports betting handle of $760.9 million, marking a significant increase of 19.1% compared to the same month the previous year.
The majority of these revenues were generated by online operators, who earned an impressive $79.9 million. Retail sportsbooks followed closely, contributing over $666,000 to the total. This figure represents a substantial growth for retail sportsbooks, who earned more than they did in the previous month.
Online sports betting operators accounted for more than 99.4% of the handle, generating a staggering $756.7 million. The retail sportsbooks, on the other hand, accounted for a mere 0.6% of the handle.
The Virginia Lottery collected $12.1 million in taxes from the November sports betting handle, with 97.5% of the collected taxes, equating to approximately $11.8 million, being contributed to the General Fund. The remaining $302,000 will be directed to the Problem Gambling Treatment and Support Fund Allocation, which is overseen by the Virginia Department of Behavioral Health and Developmental Services.
The opening of Caesars Virginia in mid-December has undoubtedly played a significant role in the surge of sports betting activities in the state. However, the proposed construction of a fanduel in Fairfax County has been met with concerns from national intelligence and security agency members. They believe that the fanduel's proximity to nearby military and intelligence facilities could potentially threaten national security.
Despite these concerns, Virginia Senator David Marsden is actively supporting legislation to allow a fanduel referendum in Fairfax County, rather than opposing it. No specific individual opposing the construction of a fanduel in Fairfax County was identified in the available search results.
In conclusion, the sports betting industry in Virginia is thriving, with online operators leading the charge. However, the potential construction of a fanduel in Fairfax County remains a contentious issue, with national security concerns at the forefront of the debate. As the industry continues to grow, it will be interesting to see how these developments unfold.
