Sports Betting

Virginia Sports Betting Handle Sets An April Record With $563.5M In Bets

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Virginia Sports Betting Handle Sets An April Record With $563.5M In Bets

The Virginia sports betting handle set an April record with $563.5 million in bets placed for the month in 2024, an increase of 32.3% from $426 million in April 2023.

Virginia collects tax revenue from 14 licensed sportsbooks

Gambling revenue has grown each year since the industry arrived in 2021, when the state collected $236.4 million in handle. In 2022, licensed operators generated $399.4 million, followed by $425.9 million in 2023.

The Virginia Lottery draws its numbers from 14 sportsbooks in the Old Dominion: Bally Bet, bet365, Betfred Sports, BetMGM, BetRivers, Betway, Caesars, DraftKings, ESPN BET, Fanatics, FanDuel, Golden Nugget, Hard Rock Bet, and SuperBook.

Three sports betting companies recently left the state. WynnBet ended operations in April, and Unibet Sportsbook shut down on April 11. Virginia lost 888 Sportsbook, also known as SI Sportsbook, on Monday, June 3.

Virginia does not have a single gaming commission, but the state relies on several agencies to regulate gambling. State operators have handled over $14 billion in bets since launching.

Online casinos remain illegal in Virginia. The state’s casinos saw $4.1 million in gross sports wagering revenue and a little over $4 million in winnings.

Based on the number of available sportsbooks, online sports betting is more ideal for residents.

FanDuel leads the sports wagering industry in the state

Since legalization, the activity has only benefitted the Mother of States. Despite the limited options, the state generated $4.9 billion in handle last year.

From the $563.5 million in wagers, gamblers won $502.9 million from apps and sportsbooks. This created a hold of 10.75% in April. Note that Virginia taxes sports wagering revenue at 15%.

According to the Virginia Lottery, the state collected $8.21 million from sports gambling that month. About 2.5% of revenue helps fund the Virginia Department of Behavioral Health and Developmental Services. The department received $205,259 in April. The general fund receives 97.5% of sports betting revenue.

FanDuel leads the Virginia sports wagering industry with 40.1% of the market share for the first quarter of 2024. DraftKings is second at 27.2%, followed by BetMGM at 10.8%. Caesars (6.1%) and ESPN BET (5%) round out the top five.