Sports betting activity surges in Virginia with 21.8 percent growth compared to last year
Richmond, Virginia – The Virginia Lottery has released its October 2024 sports wagering activity report, revealing a significant increase in betting activity across the state. Licensed operators reported a total handle of $696,103,392 between October 1 and October 31, representing a 21.8% increase compared to October 2023. Thirteen mobile operators and three casinos accepted wagers during the month.
Virginia Bettors and Operator Revenues
Virginia bettors enjoyed substantial winnings in October, claiming a total of $641,830,139, leaving operators with a 7.80% win percentage or “hold.” The adjusted gross revenue (AGR) for the month, calculated by subtracting total winnings and other allowable deductions from total wagers, totaled $49,002,389. This figure includes:
- Mobile operators: $48,769,464
- Casino retail activity: $232,925
Contribution to State Funds
Under Virginia law, sports betting activity is taxed at 15% of AGR. For October, this translated to $7.3 million in tax revenue, which was allocated as follows:
- 97.5% to the General Fund: $7,165,590.43
- 2.5% to the Problem Gambling Treatment and Support Fund: $183,733.09
These allocations help support critical state programs, including initiatives to address problem gambling, which are managed by the Virginia Department of Behavioral Health and Developmental Services.
Breakdown of Revenue Activity
Below is a detailed snapshot of October’s sports betting activity across Virginia:
| Category | Mobile Operators | Casino Retail Activity | Total |
|---|---|---|---|
| Gross Sports Gaming Revenue | $692,177,355 | $3,926,037 | $696,103,392 |
| Gross Winnings | ($638,159,338) | ($3,670,801) | ($641,830,139) |
| Allowable Bonuses/Promotions | $0 | $0 | $0 |
| Other Deductions | ($5,248,552) | ($22,311) | ($5,270,864) |
| Adjusted Gross Revenue (AGR) | $48,769,464 | $232,925 | $49,002,389 |
Steady Growth in Virginia’s Sports Betting Industry
The sports betting market in Virginia continues to thrive, with an expanding base of operators and increasing engagement from bettors. Eleven operators reported positive AGR for October, underlining the robust nature of the state’s wagering industry. With higher handle figures and increasing tax contributions, the state is poised to sustain and expand its public service programs, including gambling addiction treatment and support.
For a complete list of approved operators, visit Virginia Lottery’s website under the “approvals” tab.
