Super Bowl month produced the highest hold Old Dominion sports betting operators saw in two-and-a-half years.
The Virginia Lottery reported online and retail sportsbooks made $66.8 million in gross revenue from a $556.8 million handle, giving them a 12% win rate. Commonwealth operators fell just shy of that mark with January’s 11.9% hold, but it’s the highest since Sept. 2022’s 13.1% win rate.
Coming out of Super Bowl LIX, betting action was up 2.2% year-over-year. Virginia generated over $500 million monthly handles for the entire NFL season, including the playoffs and Super Bowl.
Gross revenue increased 33.5% from Feb. 2024, thanks to operator-friendly outcomes during the Philadelphia Eagles’ win over the Kansas City Chiefs. Adjusted income reached $61.9 million, leading to $9.3 million in tax revenue for Virginia.
Online operators accounted for $553 million of the total handle while retail generated $3.8 million in wagers.
| February | Online | Retail |
| Sports betting handle | $553,017,829 | $3,819,048 |
| Adjusted gross revenue | $61,704,883 | $206,590 |
Sports calendar changes
February’s total amount wagered was down 24.4% from January’s second-highest ever handle. Coming off a record month for operators, revenue dipped 23.5% in February. The month had just one NFL game, while the NBA All-Star break also led to betting decreases.
That likely changes during March Madness. The Old Dominion is a big college basketball state, even though bettors can’t wager on in-state teams. Mar. 2024's $635 million handle was the largest non-football wagering month in the four years of Virginia sports betting history.
Casino revenue update
Virginia’s three land-based casinos produced $75.2 million in adjusted gaming revenue during February, a slight increase from January’s $72.3 million. The Commonwealth filled its coffers with $13.5 million in taxes from table games and slots.
Caesars Virginia generated the most adjusted profit with $31.1 million. River Casino Portsmouth came in second with $24.3 million. Hard Rock Bristol produced $19.7 million in January.
