Virginia’s sports betting industry reached unprecedented heights in November, smashing records for both revenue and betting handle. The latest data from the Virginia Lottery paints a vivid picture of a state embracing sports wagering with remarkable enthusiasm and profitability.
A Historic Surge in Revenue
November saw Virginia’s gross sports betting revenue soar to $80.6 million, a figure that dwarfs November 2023’s earnings by an impressive 121.4%. It also stands 64.5% higher than the previous month, October 2024. This surge eclipses the earlier adjusted gross revenue (AGR) record of $67.5 million, set in January 2024, by a substantial 19.4%.
Interestingly, nearly all AGR—$79.9 million—originated from online betting platforms. Traditional retail sportsbooks contributed a modest $666,689, highlighting the dominance of mobile and online betting in the state.
Handle Hits New Heights
November’s sports wagering handle climbed to an all-time high of $761 million. This is the second consecutive month Virginia has set a new record, breaking October’s $696.1 million mark by 9.3%. It’s also the first time the state surpassed the $700 million milestone in a single month.
- Online bets: $756.8 million
- Retail bets: $4.2 million
Players reaped $674.6 million in winnings, leaving sportsbooks with a hold rate of 10.60%, a healthy margin reflecting both player interest and operator efficiency.
Record-Breaking Tax Revenue
The surge in activity also meant a windfall for the state, which collected an all-time high of $12.1 million in sports betting taxes. Of this, $11.8 million was channelled into the General Fund Allocation, supporting essential public services. Another $302,529 went to the Problem Gambling Treatment and Support Fund Allocation, demonstrating the state’s commitment to responsible gambling initiatives.
Virginia’s sports betting tax rate of 15% on adjusted gross revenue has proven to be a robust revenue generator. The previous monthly high for tax revenue was January 2024, with $9.9 million collected—a mark November comfortably surpassed.
A Snapshot of Monthly Growth
The figures underline a year of rapid growth for Virginia’s sports betting industry, particularly in November 2024:
| Metric | November 2024 | October 2024 | November 2023 | % Change (YoY) |
|---|---|---|---|---|
| Gross Revenue | $80.6 million | $49 million | $36.4 million | +121.4% |
| Handle | $761 million | $696.1 million | $638.8 million | +19.1% |
| Taxes Collected | $12.1 million | $9.9 million | $7.2 million | +68.1% |
Online Betting Takes the Lead
One standout trend is the dominance of online betting. Of the $761 million total handle, $756.8 million came from online platforms, a staggering 99.45%. Retail betting at land-based casinos accounted for a mere $4.2 million. This shift underscores the convenience and accessibility of mobile betting apps, which continue to outpace their brick-and-mortar counterparts.
Implications for the Industry
Virginia’s sports betting boom has implications that extend beyond its borders. The state’s success story could influence other regions considering the expansion of gambling legislation. The record-setting numbers also highlight the potential for robust tax revenues, which can fund state programs and services.
The Problem Gambling Treatment and Support Fund Allocation’s growth indicates a responsible approach to addressing gambling addiction risks. By earmarking funds for prevention and treatment, Virginia ensures its gambling industry operates with public welfare in mind.
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