Virginians bet $513M on sports in January

Virginians bet more than $513 million on sports in January, according to data released Wednesday by the Virginia Lottery.

Almost $511 million of that revenue came from mobile operators, with the remaining roughly $2 million resulting from casino retail activity in Bristol and Portsmouth, where the state’s first permanent casino opened Jan. 23. Virginia sports bettors won more than $463 million in January.

Gross revenues in January increased about 5.7% from January 2022. January’s revenues were a 2% increase from December 2022’s handle of about $503 million.

“This steady growth is promising in a mid-sized market that is now also in competition with neighboring Maryland, which legalized mobile sports betting back in November 2022,” according to BetVirginia.com, a Virginia Lottery-approved sports betting vendor that provides updates and analysis.

Sports betting in Virginia and across the U.S. should have dramatically increased in February and will likely continue to increase in March, thanks to the Super Bowl and March Madness. BetVirginia.com analysts expect both months to have revenues close to or greater than $600 million. In February 2022, Virginians bet almost $402 million.

The 16 licensed operators included in January’s reporting were:

• Betfair Interactive US LLC (FanDuel) in partnership with the Washington Commanders,
• Crown Virginia Gaming LLC (Draft Kings),
• BetMGM LLC,
• Rivers Portsmouth Gaming LLC (Rivers Casino Portsmouth),
• Caesars Virginia LLC,
• WSI US LLC,
• Golden Nugget Online Gaming VA LLC,
• Twin River Management Group LLC,
• Penn Sports Interactive LLC,
• Unibet Interactive Inc.,
• Colonial Downs Group LLC,
• Digital Gaming Corporation VA LLC,
• VHL VA LLC,
• HR Bristol LLC
• Hillside (Virginia) LLC
• and DC Sports Facilities Entertainment LLC.

Virginia placed a 15% tax on sports betting activity based on each permit holder’s adjusted gross revenue. With 10 operators reporting net positive adjusted gross revenue, the monthly taxes for January totaled $6.3 million, 97.5% of which will be deposited in the state’s general fund. The remaining 2.5% — about $159,000 — will go to the Problem Gambling Treatment and Support Fund, which the Virginia Department of Behavioral Health and Developmental Services administers.