Virginia Sports Betting Revenue

Virgnia’s legal sports betting industry saw a bit of a dip in revenue during late summer and early fall compared to earlier in the year. Seven online sportsbooks operated in Virginia in June, and up to a dozen operators could eventually offer mobile sports betting in the Old Dominion.

The Virginia Lottery oversees the state’s sports betting industry. Both online and retail sports betting are permitted by state law.

Virginia operates as an online-only sports betting state for now, with land-based casino across the state still under construction. VirginiaCasinos.com updates this page each month with the latest sports betting revenue figures released by the Virginia Lottery.

Virginia Mobile Betting Tax Revenue 2022

 

Virginia applies a 15% state tax to online sports betting revenue. The state takes those taxes out of each operator’s adjusted gross revenue (AGR), calculated as gross revenue minus promo credits and other adjustments.

The first two months of sports betting in Virginia saw the state’s online sportsbooks post combined net losses, due to welcome bonuses counting against revenue. The state only takes taxes from sportsbooks that post-net positive revenues.

Since that time, tax revenue has been significantly positive. It’s reached a year-long high in May at $2,381,116. Only two months have gone past the $2 million threshold in tax revenue; June finished at $2,273,995 total.

Tax revenue has dropped significantly since that time, going under the $1.4 million mark in August. It has rebounded to over $1,557,499 million in the month of September.

Virginia Sports Betting Handle 2022

 

Betting handle represents the total dollars wagered at a sportsbook, while revenue (AGR) marks the amount won by the sportsbooks after adjustments.

The first few months of revenue reported by the Virginia Lottery indicate a healthy future for sports betting in the Old Dominion. With the latest numbers factored in, Virginia cleared $1 billion in online betting handle at the end of May 2021.

The state’s mobile sportsbooks added to that total in June, taking $234,943,435 in bets for the month. That number puts Virginia in close contention with other thriving sports betting states, like Michigan, Colorado, and Indiana.

By comparison, the dog days of summer in July and August saw the lowest amount of sports wagers. That’s expected as few popular sports in the United States are available outside of the MLB.

As anticipated, September saw a significant jump in wagers with a total handle of $293,851,531. Both college football and the NFL started their seasons at that time. That’s the largest handle since breaking the $300 million mark in March. We should see that figure hold steady around there throughout the rest of the football season.

The seven online sportsbooks operating in Virginia throughout the year included Caesars Sportsbook, FanDuel Sportsbook, BetMGM, BetRivers, WynnBET, Unibet, and DraftKings Sportsbook.

Virginia Sports Betting Revenue 2022

 

When a new mobile sports betting market goes live, the books generally post negative revenue numbers for the first few months after launch. Virtually all online sportsbooks offer welcome bonuses for new players, which include deposit matches, risk-free bets, match bets, and other promotions that award free betting credits.

Those credits count against adjusted gross revenue (AGR). Virginia’s online sportsbooks posted negative net revenues in January and February as a result. That trend turned the corner in March, however, which yield the first month of overall combined positive AGR for Virginia’s online sportsbooks.

May 2021 marked an all-time monthly high for online sports betting revenue in Virginia. The state’s seven mobile sports betting apps brought in a combined $15,663,201 in adjusted gross revenue. That number has held on to be the year-long high for now.

Revenue dipped each month until the start of football season in September. That’s when it finally jumped back up to just over $10.3 million.

About the Author

Brian Spaen

Brian Spaen is an editor and contributor for Gaming Today. He has been a content writer and editor in various industries, including sports betting, environmental technology, and higher education. Brian is a graduate of Iowa State University and currently resides in Des Moines, Iowa. He’s an NFL and MLB fan.