Virginia Sets Sports Betting Handle Record in October
The new record surpassed the previous high of $652.9 million set in January by 6.6%, according to the Virginia Lottery.
Virginia’s sports betting handle reached a record-breaking $696.1 million (£549.3 million/€659.6 million) in October, a 21.8% increase compared to $571.4 million in October 2023 and 11.9% higher than the $622.1 million wagered in September. The new record surpassed the previous high of $652.9 million set in January by 6.6%, according to the Virginia Lottery.
Online Dominates Betting Activity
Online wagers accounted for $692.2 million of the total handle, with retail contributing $3.9 million. Despite the impressive handle, adjusted gross revenue (AGR) after player winnings totaled $49.0 million, marking a 13.1% year-on-year decline and a significant 25.6% drop from September’s $65.9 million.
Of the $49.0 million AGR, $48.8 million came from online betting, while retail betting generated $232,925. The Virginia Lottery noted that 11 of the 13 mobile operators and three licensed casinos reported net-positive AGR.
Hold Rate Declines Amid Player-Friendly Results
The overall hold rate—reflecting the percentage of wagers retained by operators after payouts—stood at 7.04% in October, with online at 7.05% and retail at 5.93%. This represents a notable decline from the 11.5% hold recorded in September and 11.2% in October 2023. Industry leaders, including DraftKings, have pointed to NFL outcomes favoring players in early Q4 as a factor impacting operator performance.
Tax Contributions
Virginia collected $7.3 million in taxes from the 15% AGR levy, with 97.5% directed to the state’s General Fund and the remaining 2.5% allocated to the Problem Gambling Treatment and Support Fund.
While the handle set a new benchmark, the decline in AGR highlights the impact of player-friendly results on operators’ performance. As NFL betting continues to dominate, these trends underscore the evolving dynamics of Virginia’s sports betting market.
