Virginia Sports Betting Revenue Drops 13%
In October 2024, Virginia’s sports betting handle reached a record $696.1 million. However, revenue declined due to a lower-than-expected hold percentage.
Record Handle, Declining Revenue
Virginia’s October sports betting handle hit $696.1 million, a 21.8% increase compared to October 2023. The vast majority of bets—$692.2 million—were placed online, while retail sportsbooks contributed a modest $3.9 million.
Despite the record handle, adjusted gross revenue (AGR) after payouts dropped to $49 million, marking a 13.1% year-over-year decrease and a 25.6% decline compared to September 2024.
Player-Friendly Outcomes
The drop in gross revenue was attributed to player-friendly NFL results in October. Operators noted that early fourth-quarter outcomes for NFL betting have heavily favored bettors, leading to higher payouts and reduced profits.
The hold rate, or the percentage of bets retained by operators as revenue, fell to 7.04% in October—a sharp decline compared to 11.5% in September 2024 and 11.2% in October 2023.
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