Virginia’s Sports Betting and Casino Industries Continue Strong Growth in August
Virginia’s sports betting industry maintained its upward trajectory in August, with the state’s handle reaching $416.7 million, a 30.6% year-over-year increase. This substantial growth can be largely attributed to the kickoff of the college football season, which sparked significant interest among bettors, particularly during Week Zero and Week 1.
Online Platforms Drive Sports Betting Growth
The majority of sports betting in Virginia is conducted online, and in August, mobile platforms accounted for $414.8 million of the total handle.
This figure represents a notable increase from the $376 million wagered online in July, demonstrating the continued dominance of digital channels in the sports betting market.
However, retail sports betting also saw growth, with the retail handle reaching $1.9 million—a month-over-month increase of 18.7%, the highest since May.
Revenue and Tax Contributions
Despite a slight dip in the hold rate to 9.6%, Virginia’s sports betting industry generated significant revenue.
Operators reported an adjusted gross revenue of $35 million for August, marking a 25.4% increase compared to the same period in 2023.
This revenue contributed $5.2 million in taxes to the state, further highlighting the economic benefits of a thriving sports betting market.
Strong Performance Continues
In addition to sports betting, Virginia’s casino industry also posted robust numbers in August.
The state’s three land-based casinos generated a combined $63.1 million in revenue, a 14.5% increase from August 2023, and a 6.3% month-over-month growth.
Rivers Casino Portsmouth led the charge with $26.6 million in profits from table games and slots, with slot machines alone contributing $19.2 million, up from $18.8 million in July.
Caesars Virginia and HR Bristol also performed well, with revenues of $20.5 million and $15.9 million, respectively.
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