In December, Virginia Falls Just Short of Sports Betting Handle Record

07 february 2022
Author: James Burton
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The information came out that the betters in the state of Virginia have spent plenty of money on attempting to predict sports results in December. The official number during this period was 426.6 million USD, which did not quite live up to October's record.

Virginia falls just short of sports betting handle record

Statistics of Betting in the State

The general amount that the players wagered on sports in December was only 0.2% short of October’s stats. That month's official record was 427.3 million USD. In comparison, the November figures were a little smaller but still impressive. The gamers spent 402.6 million USD on betting activities.

The adjusted gross income was smaller than in the previous periods, becoming the lowest number since the launch of the market at the beginning of 2021. Compared to December's 10.1 million USD figure, the month when legal wagering first debuted, January 2021, gathered only 3.6 million USD.

Since the market launched towards the end of the month, the gamblers only had about 10 days to place their wagers. They also had a single operator to play with and had not much choice provided in the matter.

Tax Specifics

Overall, the players won 395.1 million USD in the last month of 2021, and almost 2 million went to the government as tax money. The regulations of Virginia foresee the 15% fee rate.

Most of the collected money was sent to a generalised fund, although a small part was given to the funds that deal with gambling addictions and unruly playing.

Ever since the industry was launched in this jurisdiction, it brought the state the profits of 130.9 million USD. In the process, the gamblers gave away a total of 3.22 billion USD. A whopping 20.3 million USD went to the tax collectors.

History

In January 2021, the very first operator, FanDuel, was launched on this territory. Since then, the industry started developing and expanding in the state.

Other operators followed soon after by gaining permissions to join FanDuel in providing wagering content for avid Virginian gamers.

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