While some states are seeing a contraction in their betting action, Virginia has started 2024 on a strong note.
But that being said, the online sportsbooks are seeing the fruits of the betting market while the retail locations only claim a sliver of the handle.
The Virginia Lottery reported that in January, sportsbooks in the commonwealth combined for $652.8 million in wagers, up from $633.2 million in December. Compared to 2023, January saw a 27% increase in handle.
On top of that the operators made more money, raking in $67.5 million in adjusted revenue thanks to a hold of 11.4%. The state saw $57.1 million in gross revenue in December. The tax bill unsurprisingly was also up, hitting $9.9 million.
Casino betting an afterthought
Most casual bettors gravitate toward the online apps and sports betting in Virginia sees some of the more lopsided discrepancies between mobile and retail action. It should be noted that Virginia’s casinos are a very new thing so certainly there is room to grow.
In January, the physical sportsbooks saw $6.6 million in wagers, which is 1% of the entire handle in the commonwealth. December was the best month for brick-and-mortar locations, when they claimed 1.2% of the bets.
February and April 2023 was the worst as their share fell to 0.8%.
