Virginia Sports Betting Sees Major Revenue Surge in January

Virginia’s sports betting market experienced a remarkable surge in January, with adjusted gross revenue nearly doubling month-on-month. According to data released by the Virginia Lottery on February 28, total sports betting revenue reached $81 million (£63.8 million/€77.3 million), marking an 84.5% increase from December's totals and a 20% year-on-year growth.

Despite a stable betting handle — the amount wagered by players — revenue figures soared, driven by more normalized sports outcomes following a customer-friendly December. This sharp increase signals the resilience of Virginia’s sports betting industry as it continues to expand in the competitive U.S. sports wagering market.

The vast majority of January’s sports betting revenue came from online platforms, which generated $80.2 million in adjusted gross revenue. In contrast, retail sportsbooks, despite the state’s ongoing expansion of physical betting locations, contributed just $830,102.

While online sports betting has long been the dominant form of wagering in Virginia, this stark difference in revenue underlines the trend toward mobile and online platforms as the preferred method for sports enthusiasts. With $730.5 million wagered online, the digital segment continues to drive the growth of the market, while physical sportsbooks accounted for just $6.2 million of the total handle.

Handle Growth Reflects Statewide Expansion

Virginia’s overall sports betting handle — the total amount wagered — stood at $736.7 million in January, up 12.8% from the same period in 2024. While the handle only increased slightly by 1% from December, this year-on-year growth demonstrates the market’s ongoing expansion and growing popularity. Virginia’s sports betting scene continues to benefit from increasing public awareness, a diverse range of betting options, and a robust online infrastructure.

This steady growth in handle, while modest month-on-month, signals a stable foundation for the state’s future sports betting trajectory. Virginia’s handle increase mirrors similar trends in other legal sports betting states, highlighting broader national growth.

High Tax Revenue and Continued State Investment

Virginia’s impressive revenue growth translated into significant contributions to state coffers. The state drew a total of $12.1 million in taxes from sports betting activity in January. Of this amount, $11.8 million was allocated to the state’s General Fund, which supports various public initiatives, while the remaining $303,436 went to the Problem Gambling Treatment and Support Fund.

The steady tax revenue underscores the state's successful integration of sports betting into its economy, with tax receipts benefiting both general state operations and support for responsible gambling initiatives.

In January, Virginia's market was served by 14 online operators and three land-based sportsbooks. While the Virginia Lottery does not publish detailed performance metrics for individual operators, the data suggests that online platforms continue to dominate, with competition among operators driving the increase in betting volume and engagement.

The Virginia Lottery’s report on January’s figures highlights a stabilizing trend after a month of unusual results in December, when customer-friendly outcomes led to lower revenues. January’s performance, with a revenue hold of 10.99%, indicates a more typical month of wagering, aligning with industry expectations.

 

Virginia’s sports betting market continues to thrive, with online wagering driving significant revenue growth and contributing millions to the state’s economy.

Looking Ahead

With Virginia's sports betting market continuing to grow at a steady pace, it’s clear that the state is poised for continued success. The combination of a healthy handle, strong revenue growth, and a well-regulated tax structure makes Virginia one of the standout performers in the U.S. sports betting landscape. As more operators enter the market and mobile betting becomes even more integrated into everyday life, the state’s sports betting industry is expected to maintain its upward trajectory throughout 2025 and beyond.

In the coming months, stakeholders will be watching closely to see how new trends in player behavior and emerging technologies impact Virginia’s sports betting performance, but for now, the state’s January results highlight the positive momentum the industry continues to enjoy.