Virginia sports betting revenue bounces back as handle holds steady in January

Revenue hit $81 million (£63.8 million/€77.3 million) in January. This beat December’s total by 84.5% and was also 20% ahead of the previous year, data published by the Virginia Lottery on 28 February shows.

Many states were impacted by customer-friendly sports results during December. However, markets normalised again in January, with revenue totals reflecting this trend.

Breaking down revenue performance, $80.2 million came from online betting. In contrast, just $830,102 was generated from retail wagering in Virginia.

Virginia handle up 12.8% YoY

As for handle, this amounted to $736.7 million in January. While only 1% more than the total for December, it exceeded the previous year by 12.8%.

Players in Virginia spent $730.5 million wagering online and a further $6.2 million at retail sportsbooks across the state.

In terms of hold, this amounted to 10.99% for the month.

Sports betting tax at $12.1 million

Turning to tax, the state drew a total of $12.1 million from sports betting in January.

Of this, $11.8 million went to the General Fund Allocation. The remaining $303,436 was put to the Problem Gambling Treatment and Support Fund Allocation.

The Virginia Lottery does not publish a detailed breakdown of operator performance. A total of 14 online operators and three land-based sportsbooks were active in January.