Virginia Sportsbooks Generate 12% February Hold

Super Bowl month led to $67 million in gross revenue from a $557 million handle, producing the state's highest win rate since Sept. 2022. 

Brad Senkiw - News Editorat Covers.com
Brad Senkiw • News Editor
Apr 2, 2025 • 16:47 ET • 4 min read
Photo By - Imagn Images.

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. Virginia 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 Old Dominion's four-year 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. 

 

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Brad Senkiw - Covers
News Editor

Brad has been covering sports betting and iGaming industry news for Covers since 2023. He writes about a wide range of topics, including sportsbook insights, proposed legislation, regulator decision-making, state revenue reports, and online sports betting launches. Brad reported heavily on North Carolina’s legal push for and creation of online sportsbooks, appearing on numerous Tar Heel State radio and TV news shows for his insights.
Before joining Covers, Brad spent over 15 years as a reporter and editor, covering college sports for newspapers and websites while also hosting a radio show for seven years.

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