Last updated on October 17th, 2023 at 02:16 pm
In the latest gambling news from our sportsbook pay per head blog, sportsbooks in Virginia are reaching more than $300 in monthly handle for the month of August. According to the latest report from the Virginia Lottery, sportsbooks in the state took in $319 million in wagers last month. This is 7% higher than that of the previous month. July’s handle was $293.6 million. Thus,the handle reaching north of $300 is a big deal as it could indicate better months for sportsbooks in the state.
But the jump in handle also tells us that there are more players and wagers made in the state compared to the same period last year. Year-on-year data gives us a 12% increase in handle if we compare it to the handle from August 2022. When you are learning how to be a bookie agent, you need to make sure you understand how to read the data you get from your bookie software. This helps ensure you can track your handle, revenue, and other important information.
Sportsbooks in Virginia are Doing Better
The increase in handle stems from the busier sports calendar, specifically for football. College football started during this period, while preseason betting for the NFL also begins in August. Another factor that drives betting in the state is offering online sports betting. 99% of the wagers the state’s sportsbooks record are from online sportsbooks. With $315.6 million coming from online sources, only $3.3 million come from retail betting. To be fair though, retail gambling in Virginia has only been live for a few months. So the retail numbers still have the potential to increase as time passes by.
The hold percentage, however decreases in August. Retail sports betting has a remarkable 23% hold, while online sportsbooks have a 11% hold. If you use a sportsbook pay per head service, then you can also easily compute for your sportsboo’s hold percentage. This is crucial in determining revenue, after all. In the case of sportsbooks in Virginia, the adjusted revenue is at $27.9 million. If the hold was any lower, then the revenue numbers will go down as well. But given the betting trends we are seeing in markets across the country, the outlook for growing revenue and handle is positive as we head towards the last quarter of the year.