Virginia Sportsbooks Produce September Revenue Boost

Old Dominion sports betting operators hauled in a whopping $71.5 million in gross revenue on a handle of over $622 million. 

Brad Senkiw - News Editorat Covers.com
Brad Senkiw ? News Editor
Nov 3, 2024 ? 09:00 ET ? 4 min read
Tony Muskett Virginia Cavaliers NCAAF
Photo By - Imagn Images.

Virginia’s sports betting operators and tax collectors were glad to see football return in September. 

Like many U.S. legal sports betting states, the NFL’s start to the regular season and a full month of college football drove big action in the Commonwealth. 

The Virginia Lottery reported that 12 online sportsbooks and three retail operators combined to produce $71.5 million in gross revenue, up 32.3% year-over-year. Adjusted revenue of $65.9 million rose even higher to 44.4% compared to Sept. 2023. 

Behind an 11.5% hold on a September handle of $622.1 million, up early 20% year-over-year, the monthly revenue ranked second all-time. The amount wagered was the fifth-best since sports betting launched in Old Dominion over two years ago. 

Virginia Lottery reported that 10 operators reached positive adjusted revenue, leading to $9.9 million of tax revenue for the state at a 15% rate.  

September Online Retail
Sports betting handle $618,318,210 $3,742,394
Adjusted gross revenue $65,292,221 $572,075

Pigskin effects

The full effects of football were felt with online sports betting’s handle of $618.3 million, up from $414.8 million generated in August. September’s 11.4% hold was up nearly three points from the previous month, while gross revenue jumped 84% month-over-month. 

Retail sportsbooks also felt a significant jolt, as the handle rose 94% compared to the previous month for Virginia sports betting. Gross revenue went from $415,000 in August to over $572,000 in the first month of fall.    

Casino revenue decreases

Virginia Lottery recently reported that the three land-based casinos produced $56.6 million in adjusted gaming revenue, down 10.3% month over month.

Gaming profits still generated $11.4 million in taxes for Virginia. Rivers Casino Portsmouth hauled in the bulk of the revenue as the casino made $24.2 million from table games and slots.  

Caesars Virginia brought in $18.3 million, while HR Bristol made $14.1 million — down from August’s figure of $15.9 million. 

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