Virginia’s sports betting industry saw remarkable growth in September, with a sports betting handle of $520.3 million, representing a substantial 26.5% year-on-year increase. This surge in betting activity is a testament to the growing popularity of sports wagering in the state, driven primarily by mobile betting. The Virginia Lottery reported these impressive figures, highlighting the state’s thriving sports betting landscape.
Mobile Dominance:
Mobile Operator Dominance: Over $514.7 million in wagers were placed through mobile operators, underscoring the dominance of mobile sports betting in Virginia’s market. The convenience of mobile platforms continues to attract bettors.
Casino Sportsbooks: While mobile betting led the way, Virginia’s three casino sportsbooks also contributed with $5.6 million in wagers, demonstrating the role of physical sportsbooks in the state’s betting ecosystem.
Operator Performance:
Licensed Operators: Virginia currently boasts 16 licensed operators, collectively generating $54.1 million in gross revenue. This showcases the thriving competition among operators in the state’s sports betting market.
Bettors’ Success: Bettors celebrated their victories with $466 million in winnings, reflecting the excitement and engagement in the sports betting community.
Adjusted Gross Revenue: After accounting for promotions, bonuses, and other deductions, the adjusted gross revenue reached $45.6 million in September, marking one of the strongest performances in 2023.
Tax Contribution:
Tax Receipts: Virginia collected slightly over $7 million in tax receipts, contributing to the year-to-date total of $49.8 million. This substantial figure reflects the state’s increasing revenue from sports betting, positioning it significantly ahead of the previous year.
Casino Gaming Revenue:
Performance of Casinos: Casino gaming revenue at Hard Rock Hotel & Casino Temporary Bristol, Rivers Casino Portsmouth, and Caesars Virginia reached $51.9 million in September. However, all three casinos reported month-over-month revenue declines compared to August, signaling the need for innovative strategies to maintain growth.
Slots vs. Table Games: Slots generated a substantial $38.9 million, representing approximately 75% of the total adjusted revenues, while table games contributed $12.9 million, making up the remaining 25%.
Tax Contribution: The three casinos contributed a combined $9.3 million in taxes to the Gaming Proceeds Fund, which plays a crucial role in the state’s revenue generation.
Virginia’s sports betting industry continues to gain momentum, with a remarkable 26.5% year-on-year increase in the sports betting handle, reaching $520.3 million in September. The dominance of mobile operators and the presence of casino sportsbooks contribute to this success. Licensed operators are thriving in the competitive landscape, and the state’s tax receipts reflect a financially prosperous year for Virginia.