Record-breaking Sports Betting Income in Virginia: Over $556 Million Collected in February
Virginia's Thriving Sports Betting Market: A Mobile Dominance
The sports betting scene in Virginia is thriving, with the latest report from the Virginia Lottery revealing remarkable numbers. Between February 1st and 28th, 2025, the total gross revenue from sports gaming hit an impressive $556.8 million – a 2.2% increase compared to the same period last year.
A substantial portion of the betting action happened on mobile platforms. Fourteen mobile operators generated a staggering $553 million out of the total handle, while Virginia's three licensed casinos added a respectable $3.8 million.
Players claimed a collective $490 million in winnings during the month, translating to a 12% win rate for operators. After deducting payouts and adjustments, the adjusted gross revenue tallied at $61.9 million.
Under Virginia law, each licensed operator pays a hefty 15% tax on their adjusted gross revenue. In February, this equated to $9.3 million in taxes. Most of this tax money goes straight into the state's General Fund, with $9.1 million intended to bolster public services throughout Virginia. A smaller portion – roughly $232,599 – is set aside for the Problem Gambling Treatment and Support Fund, managed by the Virginia Department of Behavioral Health and Developmental Services. This fund helps provide treatment and resources for those grappling with gambling issues.
Rising Tides: Trends in Virginia's Sports Betting Market
The sports betting market in Virginia has shown steady growth, with mobile betting leading the charge. In March 2025, the total sports betting handle swelled to $689.7 million, marking an 8% year-over-year increase and a 23.9% surge from February 2025's figures ($556.8 million). For the first quarter of 2025, the handle was up by 8.2% compared to the same period in 2024.
The adjusted gross revenue for March 2025 stood at $45.1 million, representing a 6.4% increase compared to March 2024, albeit 27.1% lower than February 2025’s figure ($61.9 million adjusted gross revenue). In the first three months of 2025, gross revenue surged to $50.7 million, demonstrating positive momentum.
Virginia's statewide hold rate (the percentage of wagers kept by sportsbooks post-payouts) reached 6.58% in March 2025 and peaked at 11.12% in February 2025, the highest since September 2022. This indicates robust revenue retention relative to the volume wagered.
The Mobile Front: Dominance and Contributions
Online sportsbooks accounted for a colossal 99.3% of wagers in February 2025, with digital channels accounting for about $683.1 million out of the $689.7 million total handle, leaving retail sportsbooks with merely $6.6 million in wagers. Mobile betting contributed around $44.4 million of March's $45.1 million adjusted gross revenue, with retail sportsbooks generating just $692,282.
As of March 2025, there were 14 licensed mobile operators and three physical casino sportsbooks operating in Virginia.
The Fiscal Impact: Tax Revenues and Funding
Virginia pocketed approximately $6.8 million in taxes from sports betting activities in March 2025, with $6.6 million headed to the state’s General Fund and about $168,873 earmarked for the Problem Gambling Treatment and Support Fund.
This growing sports betting market is positively impacting state revenues, supporting public services and gambling treatment programs alike.
Embrace the excitement of Virginia's booming sports betting market, with mobile platforms leading the charge and generating much-needed tax income.
The thriving sports betting market in Virginia continues to be dominated by mobile platforms, as mobile betting generated a significant portion of the $689.7 million handle in March 2025. Sports-betting activities in March yielded approximately $6.8 million in taxes, a portion of which goes towards supporting public services and gambling treatment programs.
