Virginia Sports Betting Thrives with November's $760M Handle

Virginia’s sports betting industry saw robust activity in November 2024, recording a remarkable $760.96 million in total handle, an increase of 19.1% compared to the same month in 2023. Data released by the Virginia Lottery highlights this achievement, showing a growing preference for online sports betting and a strong contribution from retail sportsbooks.

Online Operators Dominate the Market

November’s total handle was overwhelmingly dominated by online sportsbooks, which generated $756.7 million, representing over 99.4% of the overall wagers placed. The retail sportsbook sector, while smaller, added $4.2 million to the handle. On the revenue front, online operators amassed $79.9 million in adjusted gross revenue (AGR), while retail locations contributed over $666,000.

The Virginia Lottery collected more than $12.1 million in taxes from November’s sports betting revenue. As mandated by state law, 97.5% of this amount—more than $11.79 million—was allocated to the state’s General Fund. The remaining $302,500 was directed to the Problem Gambling Treatment and Fund, managed by the Virginia Department of Behavioral Health and Developmental Services.

November’s performance marked a 9% month-over-month increase from October’s $696 million handle, reflecting growing interest in sports betting among Virginians. The hold percentage for licensed sportsbooks in November stood at 9.63%, with players winning more than $674.6 million collectively.

Ten operators reported positive AGR during the month, showcasing an increasingly competitive and diversified betting market. Notable operators participating in November’s revenue reporting included Betfair Interactive (FanDuel) in partnership with the Washington Commanders, Crown Virginia Gaming (DraftKings), Caesars Virginia, BetMGM, and Rivers Portsmouth Gaming, among others.

Virginia’s Growing Casino Scene

Beyond the sports betting boom, the casino industry in Virginia continued its development. Caesars Virginia’s permanent facility officially launched on December 17, 2024, after a temporary venue opened in May 2023. Additionally, the state welcomed the permanent Hard Rock Hotel & Casino Bristol on November 14, following the temporary casino’s operation since July 2022.

Virginia currently boasts three operational casinos: Caesars Virginia, Hard Rock Bristol, and Rivers Casino Portsmouth. November 2024 saw these establishments collectively report $63.57 million in adjusted gaming revenue, further emphasizing the sector’s growth.

Virginia’s casino landscape is poised for further expansion. In Norfolk, the project now known as the Norfolk Casino Resort resumed progress after a change in ownership. While the Pamunkey Indian Tribe remains a key partner, Boyd Gaming has replaced Tennessee investor Jon Yarbrough. The groundbreaking for this project occurred on October 30, 2024.

Similarly, Petersburg’s residents expressed strong for a casino in their city, with more than 80% voting in favor of the proposal in November 2024. Both developments are expected to add to Virginia’s thriving gaming and entertainment industry.

Source:

”Virginians bet almost $761M on sports in Nov. 2024”, virginiabusiness.com, January 02, 2024.