Key Moments:
- Sports bettors in Virginia wagered just over $510 million in August, up more than 22% from the previous year
- Adjusted gross revenue reached $58.3 million, reflecting a year-on-year increase of over 66%
- Sportsbooks contributed $8.7 million in taxes, with most of the funds supporting the state’s General Fund and responsible gambling programs
Virginia Betting Activity Accelerates Ahead of Fall Sports Season
August marked a strong comeback for Virginia’s sports betting industry, as both revenue and wagering activity climbed substantially on a year-over-year and monthly basis. Sports fans placed wagers totaling just over $510 million throughout the month, outpacing figures from both July and the same period last year. This resurgence has coincided with the launch of the fall sports calendar, signaling renewed enthusiasm among bettors.
Online Platforms Dominate State Betting Landscape
A significant majority of betting activity occurred through online channels, with players staking $506.3 million using mobile and online sportsbooks. In contrast, retail wagering in casinos represented a much smaller share, accounting for just under $4 million of the total handle. This trend underscores the ongoing dominance and convenience of digital platforms in the market.
| Category | Amount |
|---|---|
| Total Bets (Handle) | Just over $510 million |
| Online Bets | $506.3 million |
| Retail Bets | Just under $4 million |
| Adjusted Gross Revenue | $58.3 million |
| Total Player Payouts | $447.3 million |
| Tax Contribution | $8.7 million |
Revenue, Player Winnings, and State Benefits
Virginia’s sports betting operators achieved $58.3 million in adjusted gross revenue in August, marking an increase of over 66% compared to the previous year and nearly 28% higher than July. The month concluded with sportsbooks holding 11.43% of wagered amounts, which stands out against national averages. Concurrently, bettors received payouts totaling $447.3 million, the vast majority of which were distributed through online channels.
State tax benefits reflected the market’s impressive growth, as sportsbooks supplied $8.7 million in total taxes. Of this amount, $8.5 million went to the state’s General Fund, while nearly $217,000 supported the Problem Gambling Treatment and Support Fund, dedicated to responsible gambling and treatment initiatives.
Competition and Future Prospects
With 14 licensed mobile operators and three casinos in operation, Virginia’s sports betting sector continues to attract robust consumer interest and competition. A combination of events, including NFL preseason and Major League Baseball, likely spurred heightened betting volumes in August. As the football season gains momentum and additional sporting events approach, the outlook for continued market expansion remains strong.
- Author
Daniel Williams
