Virginia Generates $49M in October Sports Betting Revenue

The hold was down from 11.5% in September. Handle rose 11.9% month-on-month, while revenue fell 25.6% from $65.9 million. 

Mia Doyle - News Editor at Covers.com
Mia Doyle • News Editor
Nov 28, 2024 • 13:32 ET • 4 min read
Virginia Cavaliers tight end Sage Ennis (0) dives for the end zone as North Carolina Tar Heels defensive back Antavious Lane (1) defends during the first half at Scott Stadium. Mandatory Credit: Geoff Burke-Imagn Images
Photo By - Imagn Images.

The Virginia Lottery has released its latest sports betting report for October and the state’s online and retail sports betting operators collected $696 million in wagers. It marks a 21.8% year-on-year increase. Last October, the handle was around $571 million.  

Mobile operators accounted for more than 99% of the total handle, collecting $692.2 million, while bettors wagered around $3.9 million at retail casinos that offer sports betting in VA.

The operators collected more than $49 million in adjusted gross revenue in October, holding 7.8% of the total handle. This hold is down compared to 11.2% last October. 

October 2024 Online Retail
Sports betting handle  $692.1 million $3.9 million
Adjusted gross revenue  $48.7 million $232,925 

The hold was also down from 11.5% in September. Handle rose 11.9% month-on-month, while revenue fell 25.6% from $65.9 million. 

The operators contributed more than $7.3 million in taxes during the month, which supports the state’s General Fund and the Problem Gambling Treatment and Support Fund administered by the Virginia Department of Behavioral Health and Developmental Services. 

Strong month for VA’s NFL team 

The drop in hold comes amid mixed results in the 2024-25 regular NFL season from the Washington Commanders, the most popular team in Virginia.

Virginia is the most populous state in the U.S. that doesn’t have a major league sports franchise within its borders. However, both the Commanders and the NHL’s Washington Capitals are headquartered in Northern Virginia and are widely supported across the state. 

So far this season, the Commanders have won seven games and lost five. However, October was a particularly solid month for the team, as they won three of four games, including against the Cleveland Browns, Carolina Panthers, and the Chicago Bears. The lower hold follows a national trend in which sports bettors profited from favorable NFL outcomes.

Virginia sports betting options 

In Virginia, bettors have the choice of three retail sports betting operators and 12 legal Virginia sports betting sites. The online options include DraftKings, FanDuel, BetMGM, Caesars, Fanatics, BetRivers, bet365, ESPN BET, Hard Rock Bet, Bally Bet, Betr, and Sporttrade, which was the latest to launch in the state at the end of October. With this newest addition, the Virginia Lottery could be reporting an even higher handle next month. 

After the U.S. Supreme Court overturned the Professional and Amateur Sports Protection Act in 2018, Virginia lawmakers eventually approved legal sports betting in April 2020, with online sportsbooks launching nine months later. 2020 was a busy year for the Old Dominion, as this was also when voters approved brick-and-mortar casino gaming in four cities – Bristol, Danville, Norfolk, and Portsmouth. Caesars Virginia, located in Danville, is the latest to open its doors on Dec. 12.  

The state is now also set to start construction on its fifth casino. The $1.4 billion Live! Casino & Hotel Virginia was approved by Petersburg voters earlier this month.  

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Mia Doyle - Covers
News Editor

Mia started her journalism career straight out of the University of Leeds in England, where she got her business degree. Her time in Leeds taught her two things: Firstly, the English Premier League has the best soccer in the world. Secondly, when it comes to journalism, you always have to be ahead of the curve and look for the next breaking story and fresh perspective. Being a gambling reporter for Covers, Mia is always on the hunt for the next big story about the industry’s partnerships, innovation, revenues, legislative changes, and any other news that readers will find interesting.

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