Virginia sports wagering hits new monthly high with more than $622 million in bets
Richmond, Virginia – The Virginia Lottery recently unveiled its report on sports wagering activity across the state for September 2024, marking a strong month with record-high betting volumes. In September alone, Virginians wagered a significant $622,060,604—a 19.6% increase from last September, showcasing the growing enthusiasm for sports betting in the state.
Overview of September Wagering Activity
Throughout the month, sports betting was handled by twelve licensed mobile operators and three casino establishments in Virginia. These operators collectively recorded gross sports gaming revenues, also known as the “handle,” at $618,318,210 from mobile betting and $3,742,394 from casino retail activity.
Virginia bettors won $550,521,904 in total, resulting in an 11.5% “hold” percentage, which represents the share of total wagers that operators kept after payouts.
Tax Revenue and Adjusted Gross Revenue Calculations
Under Virginia law, a 15% tax rate is applied to sports betting based on the adjusted gross revenue (AGR), which is calculated by subtracting the total winnings and allowable deductions, such as bonuses and promotions, from total wagers. After deductions, the total AGR for September reached $65,864,297.
The Virginia sports betting market generated $9.9 million in tax revenue, reflecting taxes reported by ten operators with positive AGR. According to state legislation, tax proceeds are allocated primarily to the state’s General Fund, with a small portion set aside for problem gambling initiatives:
- Total Tax Collection: $9,875,140.08
- General Fund Allocation: $9,628,261.58 (97.5%)
- Problem Gambling Treatment and Support Fund: $246,878.50 (2.5%)
The Problem Gambling Treatment and Support Fund is administered by the Virginia Department of Behavioral Health and Developmental Services. This allocation emphasizes the state’s commitment to addressing gambling-related concerns by supporting treatment and assistance services for Virginians affected by gambling issues.
Prominent Role of Mobile Betting
The September report underscores the dominance of mobile betting, which accounted for the overwhelming majority of sports wagering activity in Virginia. Mobile platforms alone generated $65,292,221 in adjusted gross revenue, while casino retail activity contributed an additional $572,075.
Growing Interest and Future Prospects
The nearly 20% year-over-year growth in total wagers for September highlights both the rising popularity and steady expansion of sports betting in Virginia. The state’s sports betting landscape is evolving as more Virginians embrace wagering opportunities, aided by accessible mobile platforms and expanding operator choices.
