Virginia Sees Best Sports Gambling Revenue Of The Year In December

Written By Katarina Vojvodic on February 2, 2024
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December was a successful month for Virginia sportsbooks, which collected the highest gaming revenue since the beginning of 2023.

Virginians gambled $633.18 million on sports, a 25.9% increase from last December but a slight monthly drop of 0.88%.

Of the total betting handle (also known as total bets), players spent:

  • $625.52 million using online sportsbooks
  • $7.67 million through retail locations

After all the necessary deductions, Virginia operators took in $57.19 million in adjusted gross revenue (AGR).

Virginia sportsbooks set a new revenue record in December, going above $57M

As mentioned, the Virginia Lottery’s December report shows the operators generated $57.19 million in revenue last month. Of that amount:

  • Online sportsbooks collected $56.27 million
  • Retail locations took in $916,071

Despite a slight monthly drop in betting handle, Virginia’s December revenue total represents an impressive 57.30% month-over-month increase from VA’s November 2023 revenue of $36.35 million.

December was the best revenue month for Virginia sports betting this year, and here’s how the monthly revenue figure changed throughout the entire 2023:

  1. January: $42,127,492
  2. February: $28,385,249
  3. March: $47,651,362
  4. April: $38,932,367
  5. May: $42,547,380
  6. June: $26,434,330
  7. July: $28,210,927
  8. August: $27,905,144
  9. September: $45,616,219
  10. October: $56,364,083
  11. November: $36,354,936
  12. December: $57,187,962

With $63.61 million in gross gaming revenue, Virginia sportsbooks also showed their second-best month ever.

Virginia tax payments rise back up to $8.5 million

Per sports betting law, Virginia imposes a 15% tax rate of total AGR. As a result, the commonwealth collected $8.47 million in state taxes throughout December. The number is a 5.47% monthly increase from November’s $5.48 million.

Of the state tax on sports betting AGR, 97.5% goes to the state’s General Fund. The remaining 2.5% goes toward the Problem Gambling Treatment and Support Fund administered by the Virginia Department of Behavioral Health and Developmental Services. So, from the total $8.47 million:

  • $8,254,131.48 went towards the General Fund Allocation
  • $211,644.40 went to Problem Gambling Treatment and Support Fund Allocation

In its monthly report, the Virginia Lottery does not disclose handle and revenue figures by operator. What is known, however, is that all ten operators finished the month with positive AGR, making them eligible to pay taxes.

Photo by Stephanie Scarbrough / AP Photo
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Katarina Vojvodic

Katarina Vojvodic is a lead writer for PlayUSA who lives in Toronto. Vojvodic provides coverage of the US gambling industry with a focus on US online casinos. Previously, she covered Ontario’s online gambling industry for Vojvodic holds a master’s degree in journalism from the University of Belgrade. Outside working hours, she can be found near the water with her husband and their two kids.

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