Virginia Sports Betting Reaches $416 Million in August, Sees 30% Annual Growth
Virginia’s sports betting market continues its upward trajectory, reaching an impressive $416.7 million in handle for August 2024. This marks a 30.6% increase compared to August 2023, driven by a surge in both online and retail sports wagers. The majority of this amount—$414.8 million—came from online betting, while $1.9 million was placed at retail sportsbooks located within casinos.
Despite the significant growth in handle, revenue saw a slight dip from July. Adjusted gross revenue for August amounted to $35 million, a 24.1% rise compared to the same period last year, though it was down 10.7% from July 2024. Online sportsbooks accounted for nearly all of this revenue, with retail sportsbooks contributing just over $415,000.
Virginia’s bettors took home $376.5 million in winnings, leaving operators with a hold rate of 9.63% for the month. Promotions and bonuses deducted $6,057 from the revenue pool, while state taxes from sports betting activity totaled $5.2 million, bolstered by Virginia’s 15% tax rate on adjusted gross revenue.
The growth in Virginia mirrors trends seen across other U.S. markets, reflecting a steady demand for sports betting throughout the year. Football season, especially, is expected to push these numbers even higher as it continues into the fall months.
