Virginia’s Sports Betting Market Grows in December but Revenue Takes a Hit
Virginia’s sports betting industry ended 2024 on a strong note in terms of total wagers, but operator revenue saw a notable dip compared to the previous year. December’s total sports betting handle reached $734.4 million, marking a 16% increase from December 2023. Despite the higher betting volume, operator profits fell due to a lower hold percentage.
Strong Betting Volume Driven by Online Wagers
The overwhelming majority of bets in Virginia continued to come from online platforms. Out of the total handle, $729.5 million was wagered through mobile sportsbooks, while retail sportsbooks in casinos accounted for a much smaller $4.9 million.
While total betting activity increased, operator revenue declined significantly. Virginia sportsbooks reported $43.9 million in adjusted gross revenue (AGR) for December, representing a 23.4% drop compared to the $57.2 million generated in December 2023.
In December 2023, sportsbooks held 10% of all bets, but by December 2024, that figure fell to 6.75%, meaning bettors were more successful in their wagers. Retail sportsbooks saw particularly low revenue, reporting just $12,883 in AGR.
Tax Contributions and Market Overview
Despite the dip in revenue, Virginia sportsbooks still contributed $6.6 million in taxes for the month. The majority of that, $6.4 million (97.5%), went into the state’s General Fund. Meanwhile, $164,958 (2.5%) was allocated to the Problem Gambling Treatment and Support Fund, which helps address gambling addiction in the state.
At the end of December, 13 mobile sportsbooks were operating in Virginia, alongside three retail sportsbooks located in casinos.
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