Virginia Sports Betting Handle For October Hits $696 Million

Sports Betting In Virginia for October marked another significant milestone. As the fall sports season hit its stride, Virginia’s sports betting operators collectively generated $49 million in adjusted gross revenue, while Virginia’s sports betting handle for October 2024 reached $696 million, representing a 21.8% increase compared to the same period in the previous year.

The overwhelming majority of bets placed in Virginia during October came through mobile platforms, accounting for 99% of the total handle. Mobile operators collected $692.2 million in wagers.

While mobile betting dominated the landscape, retail sportsbooks at Virginia’s casinos still played a role in the overall picture. Approximately $3.9 million was wagered at brick-and-mortar locations, highlighting the continued relevance of traditional betting experiences for some customers.

Of the $696 million wagered in October, operators retained $49 million in adjusted gross revenue. This figure represents a hold rate of 7.8%, indicating the percentage of wagers that sportsbooks kept as profit after paying out winning bets.

While the handle saw a significant increase compared to October 2023, the hold rate actually decreased from 11.2% in the previous year. This shift suggests that bettors may have fared better in their wagers or that promotional offers and bonuses impacted operators’ margins.

Compared to September, October’s results showed mixed trends. The handle increased by 11.9%, reflecting growing engagement as the sports calendar ramped up. However, revenue declined by 25.6% from September’s $65.9 million, largely due to the lower hold rate.

Virginia’s sports betting industry contributed over $7.3 million in taxes during October, with a significant portion directed to the state’s General Fund. These tax revenues provide valuable resources for various public initiatives and services across the Commonwealth.