NORFOLK, Va. — Virginians set a new record for the amount of money wagered during the month of November, according to the Virginia Lottery's latest report on sports wagering.
People bet $638.8 million in November, which is the latest month reported.
"I think the main takeaway from this entire year has been how strong the Virginia sports betting market has been," said Christopher Boan, an analyst with BetVirginia.com.
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Online sports betting has been legal in Virginia since 2021.
The companies pay out winnings to people who are successful and then keep what people lose, called the hold.
That money is taxed at a 15% raise. Of that, 97.5% goes to the commonwealth's general fund to pay for things like education and public safety.
Then, 2.5% goes to the state's problem gambling fund.
Tax dollars were lower in the month of November, compared to October, the report shows.
Investigations
Where does the money from sports betting go in Virginia?
In November, sports betting generated about $5.4 million in taxes.
"The House isn't winning quite as much as it normally does because we've seen so many more instances of the favorites covering in the NFL and college football than we have in the past," said Boan.
Still, looking ahead to 2024 analysts expect another strong year.
"Virginia sports betting is on a heater right now," said Boan. "It's definitely on a tear and we at Bet Virginia don't see any cause of concern heading into 2024."
