Thanks in part to an all-time classic Super Bowl, February was another great month for sports betting in Virginia.
Bettors wagered more than $500 million for the sixth straight month. Total handle was $545.1 million in leap month, 25.6% higher than the amount bet by Virginians in February 2023. Bettors won $495 million, resulting in a hold of 9.18%.
That resulted in $6.34 million in tax revenue going to the state.
February betting was less than betting in November, December and January
There are currently 16 online sportsbooks serving the Virginia sports betting market. Bettors can’t bet on youth sports or on in-state college teams. Virginia also does not allow prop bets on college student-athletes.
Of the total amount bet in February, the vast majority came from online operators. More than $540 million of bets were made online, for an adjusted gross revenue of $44.2 million. The remaining $5 million was wagered at Virginia casinos, with an adjusted gross revenue of $290,000. That number should grow by next February, as Bristol and Danville’s permanent casino homes will replace the temporary facilities currently operating before year’s end.
While getting past the $500 million mark again is a significant milestone for Virginia sports betting, the three previous months all eclipsed $600 million wagered. February marked the lowest amount wagered in a single month since September’s $520 million.
Effort to change law to allow betting on in-state teams failed last session
State Sen. Schuyler T. VanValkenburg, D-Henrico, attempted to get a bill through the General Assembly to reverse the restriction on betting on in-state Virginia college teams.
The effort was unsuccessful. Virginians still can’t place bets on the Hokies or Cavaliers. Well, not without taking a drive out of state.
Thanks to recent legislation in North Carolina, Virginians within driving distance of the Tar Heel State can place sports bets on teams without the same restrictions they’d face in their home state. The same includes bets made in Tennessee, Kentucky, West Virginia and Maryland.
