Sports Betting Success in Virginia Industry

Football Season Leads to Sports Betting Success in Virginia

By Amelia Walker Senior Content Writer Updated: 13 November 2023

Amelia Walker Senior Content Writer

Amelia Walker is a Senior Content Writer at Betting.US. She has a law degree and deep knowledge of the gambling laws in the United States. Her mission is to keep players informed about responsible gambling, while her passion for sports helps her create useful guides. Amelia has over a decade of experience in betting, which has positioned her as a trusted voice among our readers.

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With the football season now in full swing, many sportsbook operators are making the most of the busy season. In Virginia, the state’s sports betting industry experienced a significant increase in activity in September. The NFL kickoff combined with college football contributed to a very busy month for sportsbooks, with huge numbers of sports fans placing bets.

The latest report from the Virginia Lottery revealed that bettors in the state wagered over $520 million in September. This figure marks a considerable jump from the previous month’s total, highlighting the impact of football on betting habits and activity levels.

Most of the handle for September, $514.7 million, was placed via online platforms. Meanwhile, retail sports betting at the three casino locations in the state, which are HR Bristol, Rivers Casino Portsmouth, and Caesars Virginia, accounted for $5.6 million.

Rise in Revenue for Operators

The surge in betting resulted in an impressive rise in revenue for operators in Virginia. The adjusted gross revenue (AGR) for September stood at more than $45 million.

Online operators generated the bulk of this revenue, bringing in over $44 million, with retail sportsbooks generating $834,675. With the growing popularity of digital betting, online sportsbooks represented 98.9 percent of the total handle and 98.5 percent of the state’s sports betting revenue.

The handle for September showed a 26.5 percent increase compared to September of the previous year. The monthly growth was even more impressive, standing at 63.1 percent higher than the $319 million reported in August 2023.

Bettors received gross winnings amounting to a record $466 million, the highest for the year and the second highest since the start of legal sports betting apps in Virginia in January 2021.

The September figures have also resulted in substantial tax revenue for the state. The Virginia Lottery data indicated that seven of the operators reported positive AGR and were subject to taxation.

According to PlayUSA, the report noted:

Seven operators with a net positive AGR for September were eligible to be taxed. As a result, the state collected $7.0 million in tax payments for the month.

When it comes to the allocation of funds from state gambling taxes, 97.5 percent goes to Virginia’s General Fund, supporting various public services, while 2.5 percent is earmarked for the Problem Gambling Treatment and Support Fund. This reflects the state’s commitment to dealing with the potential negative impacts of gambling.

The Major Role of Sports Events

This data for September demonstrates the vital role that major sporting events play in the sports betting industry. The football season is already resulting in increased betting activity and greater success for operators as well as a boost to state finances. This is set to continue over the coming months with a lineup of other major sports events to look forward to.

Among the upcoming sports events that will help to keep betting activity levels high are the Super Bowl 2024 and March Madness. After this, however, the traditional slower period in the world of live sports begins, which will lead to a slowdown in betting activity.