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According to the Virginia Lottery’s latest report, players in the Old Dominion State wagered $545,068,429 between Feb. 1 and Feb. 29, 2024. The figure represents a 25.6% annual increase.
However, the number is a 16.5% drop from a record $652.9 million total bets reached in VA for January 2024.
Of the total number of bets:
- $540,138,289 came through mobile sportsbooks
- $4,930,140 came through retail locations
During the month, Virginia bettors won a total of $495,027,632 for a combined operator win percentage (hold) of almost 9.2%. That left $44,454,518 in adjusted gross revenue (AGR). As a result, the state collected $6.3 million in tax receipts for the month.
Virginia’s February sports betting activity drops from January
In its monthly releases, the Virginia Lottery does not reveal sports betting numbers by operator. However, the regulatory body noted that 11 VA operators finished the month with a net positive adjusted gross revenue eligible to pay a 15% tax rate.
According to the Virginia Lottery’s February 2024 report, VA online operators accounted for 99.3% of adjusted gross revenue, winning nearly $44.2 million.
Although the total AGR of $44.5 million in February represents a 56.6% annual growth, it is still a 34.1% month-over-month decline from January’s $67.5 million.
Here’s how February sports betting activity compared to January:
| Month | Total bets (handle) | Revenue | Taxes |
|---|---|---|---|
| January | $652.9 million | $67.5 million | $9.9 million |
| February | $545.1 million | $44.5 million | $6.3 million |
| Month-over-month difference | 16.5% decrease | 34.1% decline | 36.1% decrease |
As mentioned, the state collected $6.3 million in tax revenue in February. The tax revenue total for January and February this year of $16.3 million has already surpassed last year’s numbers.
NCAA sports betting legislation shelved until 2025
The Virginia Legislature has tabled a bill to remove the restriction on wagering on in-state college and university teams. While passing that bill soon seems too optimistic, the possibility of a restriction removal might have increased betting interest, at least for now.
Current Virginia law forbids sports betting on in-state colleges, so the bill sponsor, Sen. Schuyler VanValkenburg, argued that people are already betting on Virginia college sports teams. Some residents of the Old Dominion State travel across the borders to bet on games involving in-state teams, while others can opt for illegal, offshore sports betting apps.
Virginia has made only one change to its operations since the launch of sports betting. It enacted a budget provision in 2022 to limit the time operators can deduct the cost of promotional bets to just one year. After the change, Virginia’s sports betting tax revenues increased by more than 60%.
