Virginia Sets New Sports Betting Records in November 2024
Virginia’s sports betting industry reached new heights in November 2024, posting record-breaking figures in both wagers placed and revenue generated. For the first time in the state’s history, total bets surpassed the $700 million mark, hitting an impressive $761 million. This represents a 9.3% increase over the previous record set in October 2024 and a 19.1% jump compared to November 2023.
Record Gross Revenue and Tax Benefits
On top of the massive handle, Virginia also set a record for gross sports betting revenue, pulling in $80.6 million. That’s up 121.4% from November 2023 and a 64.5% increase over October 2024. Most of this revenue—$79.9 million—came from online betting, while retail sportsbooks in casinos contributed a smaller, but still notable, $666,689.
This record-breaking revenue meant more money for the state, too. Virginia collected $12.1 million in taxes, beating the previous record of $9.9 million set in January 2024.
Of that, $11.8 million went to the state’s general fund, giving public finances a boost, while $302,529 was directed to the Problem Gambling Treatment and Support Fund, a nod to Virginia’s focus on responsible gambling.
Factors Contributing to the Surge
Virginia’s sports betting market is growing fast—faster than many other states. The 121.4% year-over-year revenue growth and 64.5% jump from October are impressive numbers that show just how strong this market is becoming. With steady growth month after month, Virginia is shaping up to be one of the hottest sports betting states in the country.
November’s surge can be credited, in part, to a packed sports calendar. Football, basketball, and the tail end of the baseball season offered plenty of action for bettors. With so many games to choose from, it’s no surprise that Virginians placed more wagers than ever.
Operator Market Share
From January to September 2024, the market share among operators was as follows:
- FanDuel held the largest share with 39.1%.
- DraftKings was second with a 28.4% share.
- BetMGM ranked third with a 10.7% share.
With consecutive record-breaking months, Virginia’s sports betting industry shows no signs of slowing down.
Plans for Legalizing iGaming
In addition to its booming sports betting industry, Virginia is exploring the legalization of online casino gaming (iGaming). Bill SB 827, introduced by State Senator Mamie Locke in late 2024, proposes a framework for regulated iGaming, allowing operators of physical casinos in Virginia to apply for online gaming licenses.
Under the bill, the Virginia Lottery Board would oversee the licensing process and enforce strict consumer protections, such as age verification and responsible gaming tools. If passed, this legislation could create a new revenue stream for the state while expanding entertainment options for residents.
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