Virginia’s Sports Betting Sees Notable Upsurge in February
Virginia’s sports betting landscape experienced a remarkable surge in February, achieving an impressive hold rate of 11.12%, marking the highest percentage since September 2022. The state recorded significant year-on-year growth in both revenue and overall betting activity.
During the month, bettors placed wagers totaling $556.8 million (approximately £430.9 million or €515.6 million), which reflects a 2.2% increase compared to the same month last year. However, this figure represents a significant decline of 24.4% from January of this year.
Of the total wagers, online platforms accounted for $553 million, while retail sportsbooks contributed a modest $3.8 million, as reported by the Virginia Lottery on April 1st.
Players collectively won $490 million, but additional undisclosed deductions amounted to $4.9 million.
Revenue Increase of 39.1%
This increase in betting activity translated into an adjusted gross revenue of $61.9 million. When compared to February 2024, this represents a substantial rise of 39.1%, although it is 23.6% lower than January’s revenue figures.
Online betting was the driving force behind this revenue, contributing $61.7 million, while retail sportsbooks brought in a mere $206,590.
The overall monthly hold of 11.12% stands out as the highest figure since the 11.77% recorded in September 2022, with online betting holds reaching 11.16% and retail holds at 5.41%.
Tax Revenues from Sports Betting Hit $9.3 million
While the Virginia Lottery doesn’t specifically disclose the performance of individual operators, it does provide insights into the tax revenue generated by the state from sports betting activities. In February, the state collected $9.3 million from these operations.
Of this revenue, $9.1 million was allocated to the General Fund, while $232,599 was designated for the Problem Gambling Treatment and Support Fund, demonstrating the state’s commitment to addressing gambling-related issues.
With a total of 14 online operators and three physical sportsbooks active throughout February, Virginia continues to adapt and expand its betting market, reflecting a dynamic industry poised for further development.