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Despite not nearly breaking any records, Virginia’s sports betting market had a great year at the end of 2024. Although revenue was below projections, the state’s sportsbooks reported a strong handle, indicating positive momentum.
The Virginia Lottery reports that wagers totaled $734.3 million in December, a minor decrease from $760 million in November. Nonetheless, it is positive for the state that the legal sports betting handle has topped $700 million for the second time in Virginia’s history.
A considerable decline in the operator hold decreased revenue even if the handle stayed sturdy. As a result of improved luck for bettors, the operator hold dropped from 11.3% to a more manageable 6.7%. Adjusted gross revenue thus decreased by 45%, from nearly $80 million in November to $43.8 million.
The online sector led the charge in Virginia’s sports betting scene, with $729.5 million in wagers. However, retail casinos faced challenges, drawing in only $4.9 million in total bets. Although their share of the market increased, retail casinos posted a loss after deductions. In contrast, 11 out of 16 operators reported profits, contributing $6.6 million in taxes to the state.
With the growth of Virginia’s sports betting market came a rise in the number of people entering the state’s voluntary exclusion program. This initiative helps individuals manage their betting habits by offering a two-year, five-year, or lifetime ban. By the end of 2024, 1,589 people had enrolled, with 1,391 still actively participating.
In the broader casino market, Caesars’ Danville casino outperformed its competitors, surpassing Rivers Casino in Portsmouth for the top spot in gaming revenue. Rivers still led in table games revenue, while Hard Rock in Bristol finished third across all categories.