Virginia Sports Betting Revenue Trends

Virginia’s sports betting market has grown significantly since it launched in January 2021.

In 2021, the first year, the state made $135.6 million. This was a period of rapid operator onboarding and the initial buzz from bettors getting their first taste of legal sports betting. The early-year launch allowed Virginia to capture much interest during key sports seasons like the NFL playoffs and March Madness.

The next year saw impressive growth, with total revenue of $345.1 million—a 154% increase from the previous year. Market expansion, more operators, and more betting options drove this.

In 2023, Virginia’s sports betting market reached new highs with $481.9 million in revenue, a 40% increase from 2022. The growth rate slowed from the previous year, but the upward trend endured.

January–September 2024

Virginia’s sports betting market continued its upward trajectory in 2024, with strong performance metrics across the year's first nine months. The total handle reached $4.73 billion, generating $440.44 million in GGR, and the average hold rate was 9.30%.

The highest monthly handle was recorded in January 2024 at $652.88 million, correlating with the NFL playoffs and Super Bowl betting activity. This also resulted in the highest monthly revenue of $66.21 million. The lowest handle occurred in July 2024, a slower sports period, with $377.64 million. However, the market quickly rebounded in September with $622.06 million in handle and $65.83 million in revenue, driven by the return of NFL and college football.

Virginia also collected $65.01 million in tax revenue during this period, with September 2024 contributing the highest monthly tax revenue of $9.88 million. This revenue supports state programs and public initiatives, underscoring the economic benefits of sports betting. (Virginia Lottery, 2024)

• November 5, 2024: Voters in Richmond, Virginia, voted against a ballot measure for a proposed casino in the city by a margin of over 60% (Virginia Business, 2024)
• October 27, 2024: The Virginia Lottery's October reports show an all-time high for monthly betting handle in the state ($691.1 million). (Virginia Lottery, 2024)
• October 10, 2024: Betfred Sportsbook announced it will exit the Virginia market. (SBC Americas, 2024)
• September 9, 2024: Spottrade gets a license to begin operations in Virginia. (Sporttrade, 2024)

Virginia has become a sports betting hotbed with its online and mobile market and passionate sports fan base. The industry has grown steadily since 2021.

2021

The first year of sports betting in Virginia got off to a solid start. Total handle was $3.22 billion, gaming revenue started at $135.6 million, and tax revenue reached $20.3 million. Those numbers suggested a lot of demand for sports betting in the state.

2022

In the second year, the market grew rapidly. Handle surged 53% to $4.91 billion as more operators entered the market. Revenue grew 154% to $345.1 million, and tax revenue rose 155% to $51.8 million.

2023

Virginia’s sports betting market continued to grow in 2023 but at a slower pace. His handle increased 14% to $5.59 billion, revenue improved 40% to $481.9 million, and tax revenue was up 40%, reaching $72.2 million.

2024

From January to September 2024, Virginia maintained its upward trajectory. The state recorded a handle of $4.73 billion, already on pace to surpass 2023's total. GGR reached $440.44 million, with an average hold rate of 9.30%, while tax revenue totaled $65.01 million during this period.

Four years into its legal sports betting journey, Virginia has solidified its place as a key market in the industry. While growth has moderated compared to the rapid expansion of its early years, the state continues to generate significant revenue and tax contributions, with projections suggesting a total handle exceeding $6.5 billion by the end of 2024.

• Virginia sports betting handle has increased by 73.5% since the state's first year month with online sports betting in 2021.
• Since legalization, the state's gaming revenue has increased by at least $100 million every year. Virginia's total revenue since sports betting went live is $962.2 million.
• In 2023, Virginia collected $72.2 million in taxes. That was more than the $72.1 million the state got between 2021 and 2022 combined.

According to the Virginia Lottery reports, the sports betting market has expanded at an impressive rate since 2021 and has yet to experience a low-growth year. Its handle and revenue increased at a lower rate between 2022 and 2023 than they did from 2021 to 2022, but its initial expansion rate was not going to be sustainable indefinitely. (Virginia Lottery, 2024)