Much of what we report in the latest sports betting news look at the performance of various betting markets all over the country and around the world. After all, keeping track of market performance is a great way for bookies to see the trends and analyze the data more efficiently. Keeping track of these numbers is also a good indicator of what is to come. And with the latest numbers from markets like that of sportsbooks in Virginia, sports betting continues to do well.
According to the latest report from the Virginia Lottery, sportsbooks in the state took in $638.8 million in wagers for the month of November. This is 11.8% higher than that of October’s $571.3 million, and 23% higher than the same period last year.
This is great news for sportsbooks because it tells us that the growth in betting activity in the state is quite good in both the short and long term. If you look at your bookie software, you can also track your betting handle and be able to compare it with different time periods to check your growth as a business.
Sportsbooks in Virginia See Less Revenue Despite Jump in Handle
But when you look at the report from your sportsbook pay per head software, you also need to look at your revenue. It is, after all, your bottom line, and the most important piece of data you need in your bookie business. For sportsbooks in Virginia, the revenue is at $36.3 million. While this seems like an exorbitant amount, it is much less than of October’s $56 million revenue.
Why did this happen, you may wonder? The hold percentage is the culprit here. In October, the hold was steady at 11.2%, but November’s hold drops to 6.7%. This means that players in Virginia won a lot this month, and sportsbooks got to keep less. Ideally, you want a higher percentage for your hold.
Consistent with previous months, online sportsbooks take in the lion’s share of bets, with $632.2 million out of the $638.8 million coming in through online betting.