In recent observations, a decline in the annual adjusted gross revenue (AGR) indicates that player-friendly outcomes in the NFL are impacting operators’ performance.
October’s handling experienced a 21.8% increase compared to the $571.4 million wagered in Victoria last year during the same month. This figure also exceeds September’s $622.1 million handle by 11.9%, as reported by the Virginia Lottery.
Previously, Virginia’s monthly record stood at $652.9 million in January, but October set a new high, surpassing it by 6.6%.
In October, online betting constituted $692.2 million of all sports wagers, while retail betting contributed $3.9 million.
### Hold Reaches 7.04% in October
Post player winnings, the adjusted gross revenue was recorded at $49.0 million. This amount represents a 13.1% decrease from October 2023 and is 25.6% lower than September’s $65.9 million.
Online betting generated $48.8 million in AGR, with retail betting bringing in $232,925. Although the Virginia Lottery does not release a comprehensive review of individual operator performance, it notes that 11 out of 13 mobile operators and three casinos licensed for betting achieved net positive AGR.
The $49.0 million AGR indicates a hold of 7.04% for both retail and online activities. Specifically, the online hold was 7.05% and the retail hold was 5.93%. This represents a notable drop from September 2024’s hold of 11.5%. In the previous October, the state’s sports betting hold was 11.2%.
This comes in the context of operators, particularly DraftKings, noting that NFL outcomes in early Q4 seem to favor customers.
Moreover, the total tax generated from the 15% AGR levy on sports betting totaled $7.3 million in November. Of this, 97.5% was directed to the state’s General Fund, while the remaining 2.5% was allocated to the Problem Gambling Treatment and Support Fund.