Sports Betting in Virginia has the sportsbook handle surging to $571.3 million in October, a 10% increase from September’s $520.3 million. Football season continues to boost the sports betting industry, keeping bookies busy with taking bets on college football and the NFL. Good thing access to the best sportsbook pay per head services is now easily available to make managing a sportsbook easier to do.
The volume of bets that sportsbooks in Virginia is also 8% higher than that of the same period last year, so not only are we seeing an increase in betting due to trends, but a more long-term growth in the market. The accessibility of betting through online sportsbooks makes betting more popular. And with white label sports betting services offering more betting products to people, it is unsurprising to see a higher handle for sportsbooks.
Sports Betting in Virginia Sees Better Numbers
Online sportsbooks take in more bets than retail sportsbooks, with $565.5 million of bets in online sportsbooks, and $5.7 million from brick-and-mortar sportsbooks. Overall, sportsbook operators kept $56.3 million in adjusted revenue from the $64 million in gross revenue. This is an 11.2% hold, which is higher than September’s 10.4%.
The numbers for this month is quite remarkable, as both handle and revenue are the highest that the state has ever recorded. Not only are the numbers good for October, but it is also pushing the numbers for 2023 to be better than the previous year. So far, the total handle for the year is $4.315 billion. This is quite the jump from 2022’s $3.893 billion. As for revenue, yearly revenue in 2022 was $373 million, which for this year, we are at $453.3 million.
Of course, much of the credit goes to football, both college and professional football. But October is also uniquely profitable because you also have MLB playoffs, as well as the start of basketball season, for both professional and college ball. If you want to start earning more from sports betting, then you should start looking through these sportsbook pay per head reviews to get started as a bookie.