Virginia Sports Betting Revenue And Handle

The experts at BetVirginia.com have assembled this guide to explain what we mean when we talk about revenue and sportsbook handle for Virginia sports betting that the state reports each month.

There is an active market with many online or mobile operators as well as a growing number of retail sports wagering options at brick-and-mortar casinos in the commonwealth.

The handle is simply the total dollars wagered on sports in the state each month. In Virginia, bettors wager hundreds of million of dollars each month. From the time legal sports betting launched in January 2021 to early 2023, legal, regulated sports bets were placed exclusively with online sportsbooks. Since then, physical casinos have begun taking retail wagers on sports, albeit in much smaller numbers.

The revenue refers to the amount that operators have left after they pay out winning bets. From there, bookmakers pay 15% tax to the state on the adjusted gross revenue. Those operators often offer Virginia sportsbook promo codes to their customers.

Virginia Sports Betting, July vs. June

Virginia Sports Betting Handle and Revenue: July 2024

Virginia sports betting traffic dipped slightly in July, according to the figures released Aug. 30 by the Virginia Lottery. In all, bettors wagered $377,641,472 for the month, down 9% from the June handle of $415,360,427.

On the plus side, the sports betting handle rose significantly from last year, as July’s total was 28.6% better than the $293,611,789 bet during July 2023.

Mobile wagering dominates the Virginia market, as bettors placed $376,011,459 of their action online. That, too, was down 9% from the June mobile handle of $412,978,852 and up 29.2% from the June 2023 total of $290,999,143.

Despite the month-to-month drop in handle, operator revenues stayed nearly the same. The overall revenue total of $40,373,314 fell just .2% from June’s $40,472,436. Virginia sportsbooks’ revenues were up 43.1% from the $28,210,927 they reported for July 2023.

The commonwealth levies a 15% tax on operator revenues, meaning the state received $6,054,606 for July. That was down 2.5% from the $6,212,254 in taxes from June and up 47.1% from the $4,115,218 recorded a year ago. Revenues from mobile wagering accounted for $6,021,859 of the tax, down 2.5% from June’s $6,176,915 and up 47.6% from the $4,078,600 received a year ago.

The Virginia Lottery does not break down handle or revenue by operator.

Virginia Mobile Sports Betting History