Virginia’s sports betting industry continues to thrive, with a robust handle of $430 million reported for the month of February, according to data released by the Virginia Lottery. Although this represents a slight dip from January’s impressive figures, the year-on-year growth demonstrates the sustained popularity of sports betting in the state.
Handle Highlights:
Virginia’s sports betting handle for February surged by 7.9 percent when compared to the same period in 2022. This consistent growth reflects the state’s position as an emerging hub for sports wagering.
It’s worth noting that February’s handle marked a temporary departure from the previous four months when betting activity consistently surpassed the $500 million mark.
A substantial portion of the wagers, over $430 million, was placed online, underscoring the significance of digital platforms in Virginia’s sports betting landscape.
On average, Virginians placed wagers totaling $15.5 million per day during the 28 days of February, illustrating the strong and consistent demand for sports betting opportunities.
The Super Bowl, a major sporting event, played a significant role in driving wagering activity, generating a remarkable $32.3 million in bets during February.
Operator Performance:
Sports betting operators in Virginia reported taxable revenue amounting to $28.4 million for the month of February. This revenue contributed to over $4.68 million in taxes, demonstrating the financial impact of the industry on the state.
Although there was a decrease in taxable revenue compared to January, where operators paid $6.3 million in taxes, February’s results reaffirm the steady contribution of sports betting to Virginia’s revenue.
Gaming Revenue Insights:
Beyond sports betting, gaming revenue from prominent establishments like the Hard Rock Hotel & Casino Bristol and Rivers Casino Portsmouth also added to Virginia’s economic landscape. In February, these casinos generated a combined gaming revenue of $38.4 million.
Within this revenue, $28.3 million came from slot machines, while table games contributed an additional $10 million. Impressively, nearly $7 million in taxes were contributed to the Gaming Proceeds Fund.
Virginia’s sports betting industry continues to thrive, with February’s handle reflecting sustained growth and resilience. As the state maintains its status as a promising sports betting market, both online and retail operators can look forward to continued success and contributions to Virginia’s economic prosperity. The solid performance of gaming revenue from renowned establishments further emphasizes the state’s position as a hub for entertainment and leisure activities.