Old Dominion’s second-best handle ever produced the highest gross revenue of all time. On Friday, the Virginia Lottery reported online and retail sportsbooks made $87.4 million, $1 million more than the previous record in Nov. 2024. Gross profit grew by 9% year-over-year and helped make up for a rough December.
Virginia bettors wagered over $700 million in January for the third consecutive month, a first in the state’s betting history. The $736.7 million handle increased 12.8% year-over-year and was the most bet in the first month of a year yet.
Operators' 11% January hold was down slightly from last January's 11.4%, but the win rate reached double digits for the seventh time in the last 10 months. The Virginia Lottery also reported 11 of 16 operators finished positive for the month in adjusted gross income, reaching $81 million for the first time.
Online operators accounted for $730.5 million of January’s total handle and over $80 million of adjusted revenue while retail books bounced back from a December loss to finish over $830,000 in the black. The commonwealth filled its coffers with $12.1 million in January.
| January | Online | Retail |
| Sports betting handle | $730,489,687 | $6,178,005 |
| Adjusted gross revenue | $80,169,746 | $830,102 |
Month-over-month gains
After suffering a 42% month-over-month revenue decrease between November and December 2024, Virginia sports betting operators turned that around in January with a 63.6% month-over-month increase.
A good last month of 2024 for bettors, thanks to favorable NFL outcomes, reversed to kick off 2025. While the amount wagered only went up less than 1%, hold jumped significantly from December’s 6.7%, thanks to more operator-friendly outcomes during the NFL playoffs.
Casino revenue update
Virginia’s three land-based casinos produced $72.3 million in gaming-adjusted revenue, up 36.7% from Jan. 2024 but down from Dec. 2024’s $74.9 million. The commonwealth hauled in $13 million in tax income from a graduated tax on commercial casinos.
Caesars Virginia generated the most adjusted revenue with $28.6 million. River Casino Portsmouth came in second with $25.3 million while Hard Rock Bristol produced $18.5 million in January.
