Virginia Underscoregs Report $545.1 Million Handle for February 2024

In February, Virginia’s sports betting activity surpassed $500 million, with our top sports betting sites showing varied results, mirroring reports from other states across the country.

The Virginia Lottery’s February report revealed a decrease in handle and revenues compared to January’s record numbers, but did show significant year-over-year growth in both key metrics.

February’s Virginia sports betting activity continued the trend of increased handle, with over $50 million in gross sports betting revenues being achieved by operators for the third consecutive month.

$545.1 million handle

In February, sports bettors in Virginia wagered a total of $545.1 million with legal providers. Of this amount, $540 million was bet through Virginia sports betting apps, with retail betting accounting for approximately $4.9 million.

The total wagering activity decreased by 16.5% to $545.1 million compared to the record $652.9 million in January, but increased by an impressive 25.6% from $433.8 million in February 2023.

In February, Virginia sportsbooks continued to see increased year-over-year totals as residents kept utilizing promotional offers from Virginia sportsbooks.

$50 million in adjusted gross revenue

In the February reporting period, Virginia sportsbooks generated $50 million in adjusted gross revenue before accounting for promotions and other deductions. This marks the third consecutive month that the state has surpassed this total.

February revenues decreased by 32.1% compared to January, dropping to over $74.3 million. However, this was a 25.8% increase from the nearly $40 million reported in February 2023.

The win rate of 9.18% in March was somewhat underwhelming, matching that of February 2023 but falling 2.2 percentage points short of January’s win rate.

Adjusted gross revenue impresses

The positive update is that Virginia sportsbooks saw an adjusted gross revenue of $44.5 million, marking a 56.6% increase from February 2023. This growth was largely attributed to minimal promotional deductions from providers throughout the month.

The low figure is due to a Virginia law that limits sportsbooks in the state to deducting promotional credits and bonuses only in their first year of operation. Currently, only SuperBook Virginia and Betr Virginia are allowed to deduct promotional costs.

In total, $6.3 million in taxes were generated for Virginia tax coffers as a result. Year-to-date tax revenue from Virginia sports betting providers has reached $16.3 million, showing a $5.2 million increase compared to the previous year.

The Virginia Lottery does not disclose the specific performance of individual sportsbooks in its monthly reports. However, it did mention that 11 operators, which may include some of the top sports betting apps, reported a net positive AGR for February.