Virginia sports betting handle smashes records with $652.9M in January

Virginians bet more than $652.87 million on sports in January, up 27.2% from January 2023, according to data released by the Virginia Lottery. About $646 million came from mobile operators, with the remaining roughly $6.6 million coming from casino retail activity. 

January’s handle is a 3.11% increase from December 2023, when Virginians bet about $633 million on sports. Virginia bettors won more than $578.5 million in January and more than $569.57 million in December. January's handle topped the previous record of $638.8 million set in November 2023. 

According to the Virginia Lottery report, sportsbook revenue topped $70 million for the first time at $74.3 million, beating the previous record of just under $64 million, which was set in October.

January's revenue represents a 49.5% year-over-year improvement from January 2023 and is almost $11 million above the $63.6 million posted in December. The hold rate for Virginia sports betting apps was 11.4%, while brick-and-mortar facilities had a higher 14.1% win rate. 

Virginia places a 15% tax on sports betting activity based on each permit holder’s adjusted gross revenue. With 10 operators reporting net positive AGR for January, the month’s taxes totaled about $9.9 million, of which 97.5%, about $9.68 million, will be deposited in the state’s general fund. The remaining roughly $248,300 will be deposited in the Problem Gambling Treatment and Support Fund, which the Virginia Department of Behavioral Health and Developmental Services administers.

Virginia currently has three operational casinos - Hard Rock Hotel & Casino Temporary Bristol, Rivers Casino Portsmouth, and Caesars Virginia. In January, Virginia’s gaming revenues from casinos totaled $52.86 million, according to the Virginia Lottery.