It may not be record setting, but Virginia’s sports betting action in December was still impressive while its revenue fell short of what the industry hopes for. But all in all, it was a good year for Virginia.
The Virginia Lottery reported that sportsbooks in the Old Dominion took in $734.3 million in bets to end the year, slightly lower than the $760 million the previous month, but this is the second time in Virginia’s history that their legal handle broke $700 million. Not a bad way to end 2024.
However, bettors improved their luck and decreased the operator hold from an industry friendly 11.3% to a more consumer friendly 6.7%. That means sportsbook revenue took a dive, dropping 45% from over $80 million in adjusted revenue to a paltry $43.8 million.
Compared to December 2023, this month saw 16% higher handle.
Virginia’s relatively new casinos are still struggling to entice bettors, seeing fewer than $5 million ($4.9 million). One bit of good news was that, unlike the mobile operators, their share in the action increased. However, after deductions, the retail operators actually lost money in December.
In the end, 11 of the 16 operators in Virginia reported a profit and from that the legislature made $6.6 million in taxes.
| December 2024 | Online | Retail |
|---|---|---|
| Sports betting handle | $729.5 million | $4.8 million |
| Adjusted gross revenue | $43.9 million | -$12,000 |
Problem gaming in Virginia grows year over year
As part of their responsible gambling initiative, Virginia created a program for people worried about their betting habits. They can enroll themselves into a two-year program, five-year program, or a lifetime ban from Virginia sports betting. For all of these enrollees, sportsbooks cannot accept a wager from them.
Unsurprisingly, as Virginia’s handle rose since launching sports betting, so too did the amount of people on the voluntary exclusion program. Heading into 2025, 1,589 Virginians signed up, and 1,391 of them are still active in the program (the others finished their term and did not reapply).
| Year | Enrollees |
|---|---|
| 2021 | 170 |
| 2022 | 303 |
| 2023 | 459 |
| 2024 | 657 |
Caesars’ casino beats the competition
When looking at the totality of Virginia’s three casinos, there is a new leader. Caesars' casino in Danville took in the most gaming revenue, leap frogging Rivers Casino in Portsmouth who held the title the previous month. Rivers Casino did enjoy more table revenue while the Hard Rock in Bristol was third in all categories.
