Virginia sports betting hold hits near-record 11.12% in February
Virginia’s Sports Betting Sees Significant Growth, Reaches Monthly Highs
In February, Virginia’s sports betting landscape experienced a notable surge, with the hold reaching an impressive 11.12%, marking the state’s highest monthly percentage since September 2022. This growth reflects a positive trend in both revenue and betting volume, underscoring the state’s evolving gambling industry.
In total, bettors in Virginia placed wagers amounting to $556.8 million (£430.9 million/€515.6 million). This figure represents a 2.2% increase year-over-year; however, it fell short by 24.4% compared to January’s figures for the same year. This fluctuation is typical within the sports betting market, demonstrating the seasonal nature of betting activities.
Of the total wagers, a substantial $553 million was placed through online platforms, while the remaining $3.8 million was attributed to retail sportsbooks located throughout the state. These statistics come from the latest report released by the Virginia Lottery on April 1.
Players saw winnings totaling $490 million, with an additional $4.9 million accounted for in various undisclosed adjustments.
Significant Revenue Growth of 39.1% in Virginia
This surge in activity resulted in an adjusted gross revenue of $61.9 million for February, reflecting an impressive 39.1% increase compared to the previous year. However, this figure represents a 23.6% dip in revenue from January 2023, emphasizing the competitive and fluctuating nature of the sports betting landscape.
Online betting platforms were the primary contributors to this revenue, accounting for approximately $61.7 million, while retail sportsbooks generated a modest contribution of just $206,590. This distribution highlights the continuing dominance of online wagering in Virginia’s gambling environment.
The overall monthly hold of 11.12% is a significant indicator of market health, with online operations showing a hold of 11.16% compared to a considerably lower retail hold of 5.41%. These metrics illustrate the evolving preferences of bettors, with a clear shift towards online sports betting.
Virginia Sports Betting Tax Reaches $9.3 Million
While the Virginia Lottery does not provide an extensive breakdown of operator performance, February’s data indicated the active participation of 14 online betting operators alongside three land-based sportsbooks. The state’s transparency regarding tax revenue from these operations is commendable.
For February, Virginia generated $9.3 million in tax revenue from sports betting activities. A significant portion of this revenue, amounting to $9.1 million, was allocated to the General Fund Allocation, while $232,599 was dedicated to the Problem Gambling Treatment and Support Fund Allocation. This allocation of tax revenue underscores the state’s commitment to responsible gambling initiatives and community support.
As the gambling industry continues to evolve, Virginia’s strong performance in sports betting serves as a testament to growing consumer engagement and the effectiveness of regulatory frameworks in bolstering market stability. The continued growth of online platforms, paired with responsible gaming initiatives, will undoubtedly shape the future of sports betting in the state.
