Sports betting is booming in Virginia.
Total wagers were north of $500 million for the fifth straight month in January. The $652.9 million bet during the first month of 2024 was 27.2% higher than January 2023’s total.
Data released last week from the Virginia Lottery show that the vast majority of wagering was made online ($646.2 million), with just $6.6 million wagered in person at casinos.
Sports betting has been booming in Virginia over the last few months
Currently, Virginia sports betting consists of 16 online sportsbooks and a trio of brick-and-mortar options. Sports betting in January reflected all other months in the commonwealth, as 99% of wagers were made online.
Sports betting has been brisk in Virginia over the last few months.
The 27.2% year-over-year increase in January is slightly higher than the year-over-year tally from December, when wagers totaled $633.2 million, a 25.9% increase over the previous December. In November, Virginia sports bettors wagered about $638.8 million, which was a 23.1% increase from the November before.
The state collected nearly $10 million from sports betting in January
Virginia imposes a 15% tax on sportsbooks’ adjusted gross revenue. Around 97.5% makes its way to the Virginia General Fund. The remaining 2.5% goes toward the Problem Gambling Treatment and Support Fund to help gamblers in the state who need assistance.
In January, close to $9.69 million went to the General Fund, with the remaining $248,000 going toward problem gambling.
The revenue raised in January is even more impressive when you consider the commonwealth does not allow betting on in-state college sports. Sen. Schuyler T. VanValkenburg looked to amend that with Senate Bill 124. It cleared initial hurdles but was then continued to 2025 by a unanimous vote in the Virginia Senate’s Finance and Appropriations Committee last month.
That means, should the Norfolk State Spartans or Virginia Cavaliers make the NCAA Tournament next month, people betting in Virginia still won’t be able to place a wager on them.
