Virginia Sports Betting Handle Set Record In January

More than $485.5 million in sports bets were placed in Virginia in January, according to a report released by the Virginia Lottery.

The total handle for January sets a record for a single month in Virginia, passing the previous mark of $427.3 million in October 2021.

Virginia sports betting launched more than a year ago in January 2021. Since then, the state has received more than $22 million in taxes from sports betting activity. Sportsbooks are taxed on their Adjust Gross Revenue at a rate of 15%, and in January Virginia took in approximately $2.9 million in taxes on more than $18 million reported in AGR.

According to the report, sports bettors in Virginia won $446,494,350 in January for an 8.04% operators win percentage (also known as ‘hold’).

So far, according to the Virginia Lottery, which regulates gaming in the state, Virginia has allocated $22,636,215 to the General Fund, and $580,415 to the Problem Gambling Treatment and Support Fund.

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Virginia Sports Betting Shows Momentum

The sports betting handle was up more than 13 percent from December 2021, and January marked the fourth straight month that Virginia reported a handle in excess of $400 million. Thus far, the state has taken in more than $3.7 billion in sports bets in a little over 12 months.

With Super Bowl 56 fueling betting activity, February should also have been a strong month for the state, which is inching close to the half-billion mark in handle for a single month. New numbers are typically released about four weeks after the end of the previous month.

Four of Virginia’s 11 licensed sportsbooks reported a net positive Adjusted Gross Revenue.

About the Author

Dan Holmes

Dan Holmes has written three books about sports. He previously worked for the National Baseball Hall of Fame and Major League Baseball. He enjoys writing, running, and lemon bars. He lives near Lake Michigan with his daughters and usually has an orange cream soda nearby.