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With a gross income of $80.6 million in November 2024, Virginia’s sports betting sector reached unprecedented heights. This outstanding accomplishment represents a 64.5% increase from October 2024 and a 121.4% increase from November 2023. The previous record of $67.5 million, set in January 2024, was broken by 19.4% in adjusted gross revenue (AGR).
Nearly all of November’s AGR came from online betting, which brought in $79.9 million. Retail sportsbooks, on the other hand, only made $666,689. For the first time in Virginia’s history, the monthly handle surpassed $700 million, reaching a staggering $761 million. This represented a 9.3% increase from the record of $696.1 million set in October and a 19.1% year-over-year surge.
Bettors wagered $756.8 million online, while $4.2 million was spent at land-based sportsbooks. Total player winnings reached $674.6 million, with a hold rate of 10.60%. The record-breaking activity also translated to a significant boost in tax revenue.
Virginia’s largest monthly sports betting tax collection to far was $12.1 million. The General Fund received $11.8 million of this total, while the Problem Gambling Treatment and Support Fund received $302,529 in support. This exceeded the $9.9 million tax high from January 2024. By imposing a 15% tax on AGR, Virginia guarantees a steady flow of income for the state.
In November, sports betting was made possible by three physical casinos and thirteen mobile operators. Even though the Virginia Lottery doesn’t release specific operator performance information, the data shows how popular sports betting is in the state.
The steady rise in sports betting in Virginia highlights the state’s allure for both operators and bettors. Despite considerable rises in revenue, handling, and tax contributions, the sector is showing no indications of slowing down.