Virginia Sports Betting Hot Start With Over $500M Bet

Much like its casino industry, Virginia sports betting begins the year on a high note. In January, VA sportsbooks combined to generate $513 million in handle. 

According to data from the Virginia Lottery, the $513,154,592 gambled from Jan. 1 through Jan. 31, 2023, is 5.7% higher than a year ago. As a result, retail and online sports betting operators generated $42.1 million in adjusted gross revenue (AGR), a 56% year-over-year increase. 

Virginia sports betting by the numbers

Virginia gaming law places a 15% tax on sports betting based on the license holders’ AGR. As a result, the state’s received roughly $6.4 million in tax revenue from sports betting.

The ten sports betting operators combined to contribute:

• Total tax revenue: $6,368,899
• General fund allocation: $6,209
  ,676
• Problem gambling treatment & Support Fund: $159,222

Gaming law specifies that 97.5% of the tax revenue goes to the state’s general fund, with 2.5% to problem gambling treatment and support. 

Jan. sports betting operator numbers:

• Gross sports betting revenue: $513,154,592 (retail + mobile)
• AGR: $42,127,492 (retail + mobile)

Virginia casinos also start the year on a high note

Positive activity was also reported by the state’s first two casinos. For January, Hard Rock Bristol and Rivers Portsmouth combined for almost $22.5 million in win from slots and table games.

Hard Rock accounted for $13.4 million, while Rivers added $9 million. 

Speaking with Playin USA, Rivers Casino Portsmouth general manager Roy Corby said:

“We always appreciate the early demand that comes with any grand opening cycle. Industry experience tells us that business levels will normalize over time.

Rivers Casino Portsmouth represents the hard work and dedication of thousands of people from across Hampton Roads and the Commonwealth of Virginia. We are grateful to our team members, guests and the community for their continued support.”

Over the next two to three years, the state could see as many as three more Virginia casinos open. As a result, casino revenue numbers will most certainly increase. 

In 2019, the Virginia Assembly’s Joint Legislative Audit and Review Commission estimated five casinos could generate $260 million in annual tax revenue.