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Tag: virginia sports betting

November 4, 2024

Virginia operators report strong September while fate of fifth casino will be decided Tuesday

Virginia bettors wagered $622.1 million (£481.5 million/€ 574.2 million) in September, the third highest amount this year while operators had double-digit hold for the sixth time in the first nine months of 2024.

According to the Virginia Lottery report released on Friday (1 November), operators paid out $550.2 million in wins and had a combined hold of 11.5%. That was the third highest hold of the year. Betting operators had a combined $65.9 million in adjusted gross revenue, the second highest of 2024.

Operators paid the state a combined $9.9 million in tax revenue. Virginia taxes sports betting operators at 15%.

Handle was up 19.6% over September 2023 when bettors laid down $520.3 million in bets. Compared to August, handle was up $206 million. Virginia does not release individual operator information or a sport-by-sport breakdown. But the start of the NFL season in September annually kicks off the busiest betting season of the year.

Virginia operators wrote off a total of $..

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October 24, 2024

Sporttrade goes live in Virginia

Wagering platform Sporttrade, one of a handful of independently owned small digital sports betting sites, launched in its second state in two months on Thursday (24 October).

Sporttrade went live in Virginia this morning, marking the fifth state in which it is available. The platform launched in Arizona in September and is also live in Colorado, Iowa and New Jersey. Its first launch was in New Jersey in 2022.

The platform is the 16th available to bettors in Virginia where digital sports betting went live in January 2021.

Headquartered in Philadelphia, Sporttrade refers to itself as a “differentiated experience”. The platform offers traditional sports betting and, in some states, exchange wagering. Where that model is available, bettors can buy and sell bets throughout a game, as a trader would when buying and selling stocks.

Founder Alex Kane has shepherded his company through myriad changes since the first launch in New Jersey. He ultimately opted to offer a more traditional e..

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August 30, 2024

Virginia sportsbooks were big winners in July, extending double-digit hold streak

Virginia sports betting operators recorded their fourth consecutive month of double-digit hold in July, the Virginia Lottery reported on Friday (30 August). Bettors laid down $377.6m in wagers, up 28.6% over last July.
Virginia handle was down from $415.4 in June. The state’s 14 digital and three retail sportsbooks have recorded hold of 10% or more five times in 2024.

According to the report, adjusted gross revenue (AGR) was $40.3m, up compared to last July’s $28.2m, but slightly down from $40.5m in June, when hold was 10.95%. The regulator calculates AGR by subtracting player winnings, bonuses and promotions and certain other deductions from total monthly player wagers. Bettors won a total of $331.3m.

Virginia taxes operators at 15% and the state does not release individual sportsbook or sport data. The regulator did report that 10 operators had positive AGR for the month. All of the major operators, including BetMGM, Caesars Sportsbook, DraftKings, ESPN Bet, Fanatic Sportsbook an..

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July 1, 2024

Virginia wagering operators see 24.6% year over year revenue growth in May

Sports betting operators in Virginia had a stunning May, earning $60m in adjusted gross revenue as compared to $42.5m in May 2023. Those betting in the state laid down $505.6m, a 25.2% increase against the same month last year.

Handle and revenue were down for Virginia wagering operators against April, but that is consistent with the US sports calendar. The men’s and women’s NCAA basketball semi-finals and finals were played in April. This year’s women’s basketball tournament fetched more handle than ever before.

May featured the start of the post-season in the NBA and NHL as well as regular-season baseball.

Virginia wagering operators had an 11.9% win rate, continuing a trend of double-digit holds, according to the report. It marked the 21st time that operators had a double-digit hold since the first platforms went live in January 2021.

The state was able to tax $53.6m of the total AGR as operators wrote off just over $6m in promotions and “other deductions”. When sports bettin..

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