Virginia’s betting and casino industry saw notable activity in February 2024, with the sports betting handle experiencing a significant increase compared to the previous year.
Sports Betting Handle Surge:
In February 2024, Virginia’s sports betting handle soared to $545.1 million, marking a substantial 25.6% increase from February 2023. While this surge reflects a robust market, it fell 16% short of the record $652.9 million handle reported in January. Mobile wagers emerged as the dominant force, constituting a staggering $540 million, overshadowing the $4.9 million wagered at retail locations.
Sportsbook Gross Revenue Growth:
The Virginia Lottery disclosed that sportsbook gross revenue reached $50 million, echoing the upward trajectory with a commendable 25.8% year-on-year growth. Additionally, the adjusted gross revenue surged by 56.6% to $44.5 million compared to the previous year. Impressively, 11 operators concluded the month with a net positive adjusted gross revenue, underscoring the market’s vibrancy. The state’s tax receipts amounted to $6.3 million, reflecting the lucrative nature of the industry.
Casino Performance in Virginia:
Virginia’s burgeoning casino scene also witnessed positive momentum in February 2024. The state’s casinos reported $57.3 million in adjusted gross revenue, marking an 8.3% increase from January’s $52.9 million. This growth was evident across all three casinos, with both slots and table games contributing to the upswing.
The data from February 2024 paints a picture of a thriving betting and casino industry in Virginia. With significant increases in sports betting handle and sportsbook gross revenue, coupled with steady growth in casino performance, the state’s gambling landscape appears poised for continued expansion and success.