There was a modest increase in Virginia sports betting financial results for January as far as handle, compared to December 2022, but a decrease in adjusted gross revenue.
But a change from 2022 in how the taxable revenue is derived continued to reflect increases in adjusted gross revenue and in tax collections for January 2023 compared to the same month a year ago.
The January total sports betting handle (mobile and retail) was about $514.2 million, up 2.0% from December ($503.1 million) and up 5.7% from January 2022 ($485.5 million), according to numbers posted by the Virginia Lottery.
Virginia Sports Betting, January vs. December
Virginia Sportsbook Apps Dominate Market
January’s mobile sports betting handle was nearly $511 million with about $3 million in retail handle from the commonwealth’s two operating casinos. January was the first month that the amount wagered at mobile Virginia sports betting apps was separated from betting at bricks-and-mortar casinos, which is still a fairly new option in what had been an online-only market.
The January sports betting adjusted gross revenue (AGR) was $42.12 million, down 10.4% from December ($47 million) and up 131.2% from January 2022 ($18.2 million).
The AGR total leaped because of a change in how sportsbooks can deduct bonuses and promotions given to customers from revenue totals to arrive at a taxable figure.
Sports betting taxes for January were $6,368,899, down 9.4% from December ($7,026,829) and an increase of 122.1% from January 2022 ($2,876,609).
New Player in Virginia Sportsbook Market
The latest Virginia sports betting operator to go live was bet365, a UK-based company.
The operator recently withdrew its attempt enter the Massachusetts sports betting market. That state launched retail wagering on sports on Jan. 31 and is set to have mobile sports betting begin on March 10.
One of the most notable operators in the UK, bet365 also has licenses to operate in Ohio, New Jersey and Colorado.
Get the best Virginia sportsbook promo codes here at BetVirginia.
