Get 125% / $2,500 on 1st deposit!
New players only. Exclusive Welcome Bonus of up to $2,500
The sports betting industry in Virginia had a notable uptick in September 2024, with operators reporting a 19.6% rise in handle over the previous year. The most recent report from the Virginia Lottery shows that the state’s citizens wagered $622,060,604 in total, an increase from $520.3 million in September 2023. This increase demonstrates how popular sports betting is becoming in the state, particularly as the NFL season approaches.
Virginia’s sports betting operators paid out $550.2 million in winnings, maintaining a combined hold of 11.5%. This is the third-highest hold of the year. Operators also reported a combined adjusted gross revenue of $65.9 million, marking the second-highest monthly revenue in 2024. As a result, the state received $9.9 million in tax revenue from sports betting operations, with the 15% tax rate continuing to benefit Virginia’s coffers.
The market is continuing to expand, with 13 digital wagering platforms now available in Virginia. Sporttrade, a new digital platform, launched on October 24, increasing the number of digital options for bettors to 14. The state also has three land-based casinos offering sports betting services, including properties in Bristol, Danville, and Portsmouth. Plans for additional casinos are underway, with the Pamunkey Tribe and Boyd Gaming breaking ground on a new $750 million casino in Norfolk, expected to open in 2027.
The continued growth of both digital and land-based betting options is expected to keep Virginia’s sports wagering market on an upward trajectory.
In addition to these expansions, voters in Petersburg are set to decide whether to approve a sports betting license for The Cordish Companies’ Live! Casino. This vote marks another crucial step in expanding the state’s gaming industry. Meanwhile, the state’s lawmakers have decided to remove Richmond from the list of potential cities for a casino, shifting focus to other areas.
Virginia’s sports betting market shows no signs of slowing down, with increasing interest and continued investment in both digital and brick-and-mortar options.