According to the Virginia Lottery report released Friday (1 November), operators paid out $550.2 million in wins and had a combined hold of 11.5%. That was the third highest hold of the year. Betting operators had a combined $65.9 million in adjusted gross revenue, the second highest of 2024.
Operators paid the state a combined $9.9 million in tax revenue. Virginia taxes sports betting operators at 15%.
Handle was up 19.6% percent over September 2023 when bettors laid down $520.3 million in bets. Compared to August, handle was up $206 million. Virginia does not release individual operator information or a sport-by-sport breakdown. But the start of the NFL season in September annually kicks off the busiest betting season of the year.
Virginia operators wrote off a total of $5.7 million in promotional play in September.
Petersburg casino vote coming Tuesday
There are 13 digital wagering platforms live in Virginia, down from a high of 15 after SI Sportsbook and Betfred exited the state earlier this year. Sporttrade went live in Virginia 24 October, giving bettors a 14th digital option. The platform will report its first numbers — for eight live days in October — at the start of November.
Three casino sportsbooks are currently taking bets. Voters in 2020 approved five land-based casinos in the state. So far, casinos in Bristol (Hard Rock), Danville (Caesars) and Portsmouth (Rivers) have opened. Boyd Gaming and the Pamunkey Tribe late last week broke ground on a $750 million casino in Norfolk, which is scheduled to open in late 2027.
After Richmond voters twice declined to approve a casino in their city, voters in Petersburg Tuesday (5 November) will vote on whether or not to issue The Cordish Companies’ Live! Casino a licence in Petersburg. State lawmakers in February voted to take the proposed Richmond casino off the list of eligible cities.
Original article: https://igamingbusiness.com/sports-betting/virginia-september-2024-revenue/
