Virginia’s sports betting continues to show that it is growing its sports betting market, making it one of the top states by handle in the U.S.
The Virginia Lottery reported that their sportsbooks together saw $633.2 million in bets in December, a slight decrease from November’s $638.8 million. Compared to 2022, every month did better than the previous year, and December took in 26% more in handle year over year.
While sportsbooks saw less action in December versus November, they ended up with significantly more revenue, thanks to a jump in the operator hold percentage. After a bettor-friendly 6.7% in November, sportsbooks held 10% of the bets they wrote in December.
After promotions and other deductions, the operators grossed $57.1 million in profit, a 57.3% month-over-month increase. The tax bill subsequently hit $8.4 million, compared to the $5.4 million Virginia took in the previous month.
Year in review
Virginia’s handle saw roughly $5.5 billion in total wagers last year, up from the $4.9 billion in 2022. And to the commonwealth’s benefit, every single month in 2023 saw a higher handle than the previous year.
FanDuel was the top operator last year. From January to November, FanDuel controlled 40% of the market share. DraftKings was second with 28.1%, followed by BetMGM at 12.4%. The other 14 sportsbooks who were active in 2023 all fell below 10%. And 11 of those books saw less than 2% of the action.
In that same period, parlays were the most bet option for Virginians (23.7%), followed by the NBA (20.3%) and then football (15%). Tennis (12.6%) and baseball (11%) were the only other sports with more than 10% of the statewide wagers.
