Sports Betting News: Virginia Bill To Overturn Ban On Betting In-State Colleges
Sports betting news this week includes a new bill being pushed in Virginia. Lawmakers are looking to end the ban on local collegiate sports betting. Also, sports betting revenue and handle updates for Colorado, Tennessee, and Massachusetts. Let’s take a look at all the recent sports betting news events across these notable markets.
Virginia College Sports Betting Reexamined
Sen. Schuyler T. VanValkenburg filed SB 124, a measure to allow for college betting with no restrictions on in-state teams. When sports betting passed in Virginia, included in the measure was a bar on collegiate sports from local Virginia teams and a ban on collegiate player props. Collegiate player props would still be banned under the new bill.
Virginia is home to multiple college teams, including the Virginia Cavaliers, Virginia Tech Hokies, Liberty Flames, and James Madison Dukes. VanValkenburg believes the state is losing out on potential millions in revenue, with locals being unable to wager on their favorite teams. The Virginia sports betting market is already thriving, raking in $638,831,057 in wagers in November 2023.
If local collegiate betting is approved, the potential growth in sports betting activity and revenue is boundless.
Major Sports Betting Handle/Revenue Breakdown
Colorado Joins Billion Dollar Club
Colorado sportsbooks have reported more than $608,488,266.48 in wagers for November 2023. Reports show the market saw $28,585,605.69 in gross gaming revenue. The state collected $1,489,224.47 in total taxes from sports betting.
November’s revenue total pushed Colorado to surpass $1 billion in lifetime sports betting revenue. Colorado joins the likes of New York, Nevada, and New Jersey among only 11 markets to reach this goal.
Tennessee New Tax Rate Explored
Sportsbooks in Tennessee reported $495,067,783 in total sports betting handle, $493,324,646 in gross wagers, and $9,104,148 in privileged tax assessed in December 2023. Tennessee is the only sports betting market to tax operators on wagers instead of revenue. Initially, the new taxation method, beginning in 2023, was intended to boost taxes, but so far, there has been none.
Let’s compare the initial tax rate in December 2022 to the most recent numbers. In December 2022, the state collected $440,445,414 in gross wagers ($54,622,369 less than in 2023) and $9,401,952 in taxes ($297,804 more than in 2023). Lawmakers were not expecting the tax revenue numbers to be reflected in such a manner when they changed the tax rate.
So far, the reported month with the new tax on the handle has shown a decline in tax revenue despite an increase in betting activity. Tennessee’s plan appears to be unsuccessful.
Massachusetts Handle Record Set
The Massachusetts sports betting market has reached a new milestone in betting handle. The December betting report shows that $658,697,371.04 was wagered on sports. This is the single highest betting month since the market launched. Gross gaming revenue also saw record-setting highs with $60,550,155.23 in GGR. The state took in $12,045,360.53 in collected taxes.
Massachusetts launched sports betting in January 2023 and has seen significant success in its first year. The market saw $4,946,326,347.07 in wagers for its first full year of betting. With online betting not live for the first two months of the year, Massachusetts still saw such massive numbers in betting handle. An entire year of online betting would surely push the market past $5 billion in wagers.