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Virginia’s sports betting industry saw strong activity in September with bettors wagering a staggering $622.1 million. This makes it the third-highest monthly handle of 2024. According to the Virginia Lottery’s latest report released in early November, operators recorded an 11.5 percent hold. That means they’ve achieved a double-digit hold rate for the sixth time this year. 

Operators paid out a whopping $550.2 million in winnings, which resulted in Virginia’s second-highest total for 2024 with $65.9 million in adjusted gross revenue. From the state’s tax rate on sports betting, Virginia collected $9.9 million in tax revenue. Looking at last year’s figures, September’s handle rose by 19.6% from $520.3 million in September 2023. In September, Virginia operators also deducted $5.7 million for promotional play. This figure underscores the ongoing role of incentives in the state’s sports betting environment. 

With the market booming there, most states have yet to join in. iGaming regulations have proven to be a slippery slope amid the nation’s federated legal system and the numerous tribal compacts that vest casino rights in the hands of native tribes. However, despite the lack of gaming options in most states, US players can still access many of the best payout online casinos through offshore sites as these are internationally licensed and not subject to US law. According to iGaming expert Vlad Grindu, these sites have been attracting many local players as they offer a variety of benefits like multiple withdrawal options, fast transaction speeds, progressive jackpots, and the best RTPs. 

Back home, since the NFL traditionally marks the busiest betting season, it’s no surprise that the game’s return contributed to the increase in wagering wars. Football generates significant interest, especially in sports betting. This interest typically peaks through to the Super Bowl. States like Virginia see considerable increases in betting volumes during this period, which draws attention to major matchups. 

Although the report didn’t offer a breakdown by sport or operator-specific information, it’s clear that NFL-driven interest remains a catalyst. From August, the NFL contributed to the $206 million month-over-month increase in Virginia. These seasonal influences on the Virginia sports betting market shape a strong September for the state that carries momentum through the fall. 

The Virginia Casino Landscape and Upcoming Petersburg Vote 

Down from a peak of 15, Virginia currently has 14 live wagering platforms. This is after Betfred and SI Sportsbook exited the state earlier in 2024. What was previously 13, Sporttrade entered the Virginia market in October. Since the platform is free on the scene, their first financial reporting will only be made available in November. 

In terms of physical casinos, Virginia is home to three operational casino sportsbooks. These are Caesars in Danville, Hard Rock in Bristol, and Rivers Casino located in Portsmouth. Planning to open in 2027, Pamunkey Tribe and Boyd received broken ground on a $750 million casino project in Norfolk. 

Once again, the potential for a fifth casino coming in Virginia is up for a vote. This time the vote is being held in Petersburg in early November. This is after Richmond voters rejected a casino proposal twice. Since then, state lawmakers have removed Richmond from the list of eligible cities. Petersburg voters now have the opportunity to grant The Cordish Companies a license to build a Live! Casino in the area.

Virginia Compared to Other State’s Sports Betting Markets

Virginia’s sports betting handle grew from $520 million in September 2023 to $622 million in September 2024. September saw a collective handle of $11.97 billion, which shows that Virginia’s growth correlates with national trends in the sports betting industry. 

New Jersey alone had around $1.3 billion in bets while other top markets like New York reported significantly higher handles when compared to Virginia. That’s why Virginia has yet to be found among the highest in terms of total handle. Nonetheless has gained a position as one of the top 10 U.S. markets. 

There’s still room to grow for Virginia. In fact, the state’s growth trajectory is noteworthy. This is especially because of its mobile-centric market, which is where 98-99% of all wagers are placed online. From Sporttrade expanding into the Virginia market, it could push its numbers even further, as there’s an increase in competitors and betting options available. 

Neighboring markets like Maryland have also seen a boost in numbers since introducing mobile betting. However, Virginia has been the state that’s continued to attract high volumes and promote strong year-over-year growth.