In a state big on college sports, it’s no surprise that sports betting increased in Virginia in August compared to the same month in 2023.
College football’s Week Zero and most of Week 1 helped lead to a $416.7 million handle, up 30.6% year-over-year, according to the Virginia Lottery.
A 9.6% hold for online and retail sports betting operators ended a streak of four consecutive months in double digits. However, it still produced gross revenue of $40.1 million, up 24.1% compared to August 2023. After $5.1 million in deductions, operators’ adjusted revenue of $35 million increased 25.4% from the previous year.
The August handle was up 10.3% compared to July while adjusted revenue slipped 13.3% with the lesser hold.
Virginia’s 15% tax rate on a reported 10 sports betting operators filled the Commonwealth’s coffers with $5.2 million, nearly $1 million less than in July.
| Online | Retail | |
|---|---|---|
| Sports betting handle | $414,765,842 | $1,923,374 |
| Adjusted gross revenue | $34,568,801 | $415,139 |
Retail produces strong revenue
Online sports betting in Virginia made up nearly $414.8 million of August’s total handle, up from the $376 million wagered in the previous month. The revenue drop from July came from mobile operators, who saw profits fall from $40.2 million to $35.5 million in August.
Retail had a strong showing for the month as the $1.9 million handle was up 18.7% compared to July. Adjusted revenue nearly doubled month-over-month to $414,139, the highest since May.
Casino revenue increases
The Virginia Lottery also reported that the three land-based casinos produced $63.1 million in casino revenue and generated $11.8 million in tax revenue for the Commonwealth in August.
Gaming profits were up 14.5% from August 2023 and 6.3% month-over-month as all three operators enjoyed increased revenue.
Rivers Casino Portsmouth led the way with a combined $26.6 million in profits from table games and slots. The latter hauled in $19.2 million, up from $18.8 million in July.
Caesars Virginia was second with an August revenue of $20.5 million while HR Bristol hauled in $15.9 million, up a million more than the previous month.
