Virginia sportsbooks have seen a 25% increase from last February’s handle figure.
The Virginia Lottery has published its February 2024 figures on sports wagering and announced over $545Million in handle.
That represents an increase of 25.6% on the previous year’s total in February.
Sports fans in the state wagered $545,068,429 from Feb. 1 to Feb. 29, with $540,138,289 in gross sports gaming revenue from mobile operators and $4,930,140 from casinos.
Virginia Sportsbooks Pay Out Over $490m in February
Gamblers in Virginia won $495,027,632 last month, comprising $490,422,566 from mobile operators and $4,605,066 from casinos. Operators hit a combined win percentage of 9.18%.
Tax rates for Virginia sportsbooks are currently 15%, based on permit holders’ adjusted gross revenue (AGR).
AGR is comprised of the total wagers, minus total winnings, with any deductions added in.
Virginia’s AGR in February was $44,454,518. Of that, mobile operators made up $44,164,970.
The state’s general fund takes 97.5% of sports betting tax revenue. The remaining 2.5% goes to the Problem Gambling Treatment and Support Fund, managed by the Virginia Department of Behavioral Health and Developmental Services.
In total, 11 state operators posted a net positive AGR in February. This generated $6,342,927.34 in taxes.
A Record Low For Promotional Deductions
In February, promotions and deductions continued to drop. Following a senator’s proposal to write-off deductions last year, state governor Glenn Youngkin wished to go beyond that, including a 12-month sunset on promotional deductions.
Last year, four new operators went live in Virginia. Bet365 in January, Betfred in February, Betr in September and SuperBook in October.
Both Betfred and Bet365 are past their time limit for promotional deductions, meaning only Betr and SuperBook can continue deducting their promotions.
No operators will be permitted to deduct promotional play in 2024, in case there is no other operator ready to launch.
In case there is no other operator ready to launch in Virginia in 2024, no operators will be allowed to deduct promotional play.
With ESPN BET and Fanatics Sportsbook just reskinning their platforms last year, neither are allowed to deduct their promotions either.
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