{"id":18716,"date":"2024-04-03T10:28:17","date_gmt":"2024-04-03T10:28:17","guid":{"rendered":"https:\/\/instantcasinos.com\/?p=18716"},"modified":"2024-04-03T11:56:51","modified_gmt":"2024-04-03T11:56:51","slug":"virginia-sportsbooks-handle-increase","status":"publish","type":"post","link":"https:\/\/instantcasinos.com\/blog\/2024\/04\/03\/virginia-sportsbooks-handle-increase\/","title":{"rendered":"Virginia Sportsbooks Hit 25% Year-To-Year Handle Increase In February"},"content":{"rendered":"

Virginia sportsbooks have seen a 25% increase from last February’s handle figure.<\/strong><\/p>\n

The Virginia Lottery has published its February 2024 figures on sports wagering and announced over $545Million in handle.<\/p>\n

That represents an increase of 25.6% on the previous year’s total in February.<\/p>\n

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<\/a>.<\/p>\n

Virginia Sportsbooks Pay Out Over $490m in February<\/h2>\n

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%.<\/p>\n

Tax rates for Virginia sportsbooks are currently 15%, based on permit holders’ adjusted gross revenue (AGR).<\/p>\n

AGR is comprised of the total wagers, minus total winnings, with any deductions added in.<\/p>\n

Virginia’s AGR in February was $44,454,518. Of that, mobile operators made up $44,164,970.<\/p>\n

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.<\/p>\n

In total, 11 state operators posted a net positive AGR in February. This generated $6,342,927.34 in taxes.<\/p>\n

A Record Low For Promotional Deductions<\/h2>\n

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.<\/p>\n

Last year, four new operators went live in Virginia. Bet365 in January, Betfred in February, Betr in September and SuperBook in October.<\/p>\n

Both Betfred and Bet365 are past their time limit for promotional deductions, meaning only Betr and SuperBook can continue deducting their promotions.<\/p>\n

No operators will be permitted to deduct promotional play in 2024, in case there is no other operator ready to launch.<\/p>\n

In case there is no other operator ready to launch in Virginia in 2024, no operators will be allowed to deduct promotional play.<\/p>\n

With ESPN BET and Fanatics Sportsbook just reskinning their platforms last year, neither are allowed to deduct their promotions either.<\/p>\n

For seamless gaming experiences and instant withdrawals, explore Instant Casinos<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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. … <\/p>\n","protected":false},"author":62,"featured_media":18718,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[30],"tags":[],"class_list":["post-18716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feature"],"acf":[],"yoast_head":"\nVirginia Sportsbooks Hit 25% YoY Handle Increase In February<\/title>\n<meta name=\"description\" content=\"Virginia sportsbooks have seen a 25% increase from last February's handle figure, according to data from the state's lottery.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/instantcasinos.com\/blog\/2024\/04\/03\/virginia-sportsbooks-handle-increase\/\" \/>\n<meta property=\"og:locale\" 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