Virginia Sports Betting Sees 30% Rise in August

Sports betting in Virginia is still seeing growth, with the state’s handle reaching $416.7 million in August, that’s a 30.6% increase compared to the same period in the previous year. The growth can be largely attributed to the kickoff of the college football season, with Week Zero and most of Week 1 contributing significantly to the overall handle.

The Virginia Lottery’s latest data shows that the $416.7 million handle for August represents a 30.6% year-over-year increase, showing the growing appetite for sports wagering among Virginia residents and visitors. This surge in betting activity can be primarily credited to the highly anticipated start of the college football season, which generated significant interest and engagement from bettors across the Commonwealth.

Virginia’s sports betting landscape is primarily driven by online platforms, which accounted for a staggering $414.8 million of the total handle in August. This figure marks a significant increase from the $376 million wagered through mobile apps in the previous month. However, the retail sector also played a crucial role, with the $1.9 million handle representing an 18.7% month-over-month growth, the highest since May.

Despite a slight dip in the hold rate, down to 9.6% from the previous four months of double-digit figures, the sports betting industry in Virginia continued to generate substantial revenue. Operators reported an adjusted gross revenue of $35 million, a 25.4% increase compared to the same period in the previous year. This revenue boost translated into $5.2 million in tax contributions to the Commonwealth’s coffers, showcasing the significant economic impact of the thriving sports betting market.

Alongside the surge in sports betting, Virginia’s casino industry also experienced a remarkable performance in August. The three land-based casinos in the state collectively generated $63.1 million in revenue, a 14.5% increase from August 2023 and a 6.3% month-over-month growth. This robust performance across both the sports betting and casino sectors underscores the overall strength and resilience of Virginia’s gaming industry.

Among the three land-based casinos in Virginia, Rivers Casino Portsmouth emerged as the frontrunner, generating a combined $26.6 million in profits from table games and slots. The slot machines alone contributed $19.2 million, up from $18.8 million in the previous month. Caesars Virginia and HR Bristol also reported strong performances, with revenues of $20.5 million and $15.9 million, respectively, further solidifying the state’s casino industry as a significant contributor to the overall gaming landscape.