The sports betting landscape in Virginia continues to evolve, as the Virginia Lottery reports a 2% increase in the sports betting handle for January, reaching a total of $513.1 million. This upward trajectory follows December 2022’s figures of $503 million, showcasing the state’s consistent engagement in sports wagering. Additionally, plans for a casino resort in Petersburg face a setback as a proposed bill fails to advance in the Virginia Senate Finance and Appropriations Committee.
Virginia’s Growing Sports Betting Handle:
The Virginia Lottery’s latest report reveals a promising trend in sports betting, with a 2% month-on-month increase in the betting handle. The total handle for January reached $513.1 million, reflecting a year-on-year growth of 5.7%. Despite the dynamic nature of the industry, Virginia’s consistent growth demonstrates the sustained interest of residents in sports wagering activities.
Operators’ Performance and Player Outcomes:
While the handle increased, gamblers received a payout of $463.4 million, leading to a combined operators’ win percentage of 9.69%. This marks a slight decrease from the previous month, indicating players’ improved outcomes. The combination of bonuses and promotions amounted to $768,221, while other deductions reached $6.7 million. This culminated in a combined adjusted gross revenue (AGR) of $41.8 million, reflecting an 11% decline from December’s $47 million.
Operator Diversity and Tax Revenue:
Out of the 16 approved sports betting operators in Virginia, ten reported positive AGR for January. The diversity in operator performance showcases a dynamic landscape where different platforms can thrive. The state collected $6.4 million in taxes, indicating a decrease of 8.5% compared to the previous month. This revenue plays a significant role in supporting various public initiatives within Virginia.
Setback for Casino Plans in Petersburg:
In the realm of casino development, proposed plans for a $1.4 billion casino resort by The Cordish Companies in Petersburg faced a setback. Delegate Kim Taylor’s House Bill 1373, which aimed to allow Petersburg voters to decide on the casino resort’s approval in November, was voted against by the Virginia Senate Finance and Appropriations Committee. This decision follows the failure of an identical bill, Senate Bill 780, proposed by state senator Joe Morrissey, to advance in the same committee.
Virginia’s sports betting sector continues to showcase resilience and growth, evident in the 2% increase in the January betting handle. The state’s engagement in sports wagering activities remains strong, providing a positive outlook for the industry’s future. However, challenges persist, as seen in the setback faced by proposed casino plans in Petersburg. As Virginia’s gaming landscape evolves, it navigates both opportunities and obstacles, shaping the trajectory of its gaming and entertainment offerings.