Virginia Hits The Heights For November In Sports Betting Numbers

The Old Dominion state has once again proven its mettle in the sports betting arena, with November 2024 seeing Virginia smash through previous records for both revenue and handle.

November 2024 will go down in Virginia’s sports betting annals as a month of extraordinary achievement. The state’s sportsbooks generated a staggering $80.6 million in gross revenue, obliterating the previous record and setting a new standard for success in the industry. This figure represents a monumental leap of 121.4% compared to the same month in the previous year, and a 64.5% increase from October 2024.

Complementing the revenue surge, Virginia’s sports betting handle also reached unprecedented levels. For the first time in its history, the state saw wagers surpass the $700 million mark, with total bets amounting to an impressive $761 million. This achievement not only eclipsed the previous month’s record of $696.1 million by 9.3% but also marked a substantial 19.1% year-over-year increase.

The digital realm continued to dominate Virginia’s sports betting landscape, with online platforms accounting for the lion’s share of both revenue and handle. Of the $80.6 million in gross revenue, a whopping $79.9 million was generated through mobile and online betting channels. Similarly, out of the total $761 million wagered, $756.8 million came from online bets, underscoring the overwhelming preference for digital platforms among Virginia’s bettors.

While online betting stole the show, retail sportsbooks at land-based casinos made a modest yet noteworthy contribution. Physical betting locations accounted for $666,689 in revenue and $4.2 million in handle. Though these figures pale in comparison to their online counterparts, they represent an important segment of the market that caters to a specific demographic of sports bettors.

The performance of Virginia’s sports betting market in November translated into significant financial benefits for the state. Tax collections reached an all-time high of $12.1 million, surpassing the previous record of $9.9 million set in January 2024.

The majority of the tax revenue, amounting to $11.8 million, was directed to the General Fund Allocation, providing a boost to the state’s coffers. Additionally, $302,529 was earmarked for the Problem Gambling Treatment and Support Fund Allocation, highlighting Virginia’s commitment to responsible gambling practices.

November’s exceptional performance can be partly attributed to the sports calendar. The month typically sees a convergence of popular sports seasons, including football, basketball, and the tail end of baseball, providing bettors with a diverse array of wagering options.

The continued dominance of online betting points to the role of technological advancements in driving market growth. User-friendly mobile apps, improved live betting features, and enhanced security measures have made online sports wagering more accessible and appealing to a broader audience.

Sportsbooks often ramp up their promotional efforts during key sporting events, offering attractive bonuses and incentives to both new and existing customers.

As Virginia’s sports betting market matures, bettors are becoming more comfortable with the available platforms and wagering options. This increased familiarity and trust in the regulated market may be contributing to higher participation rates and larger bet sizes.

The 121.4% increase in gross revenue compared to November 2023 highlights the rapid expansion of Virginia’s sports betting market. This growth rate outpaces many other states with established sports betting industries, positioning Virginia as one of the fastest-growing markets in the country.

The 64.5% increase in revenue from October to November 2024 is particularly noteworthy, especially considering that October itself was a record-breaking month.

Virginia’s performance in November places it among the top-performing states in terms of sports betting revenue and handle. While exact rankings can fluctuate month to month, the Old Dominion’s recent achievements have undoubtedly elevated its status within the national sports betting landscape.

Virginia’s sports betting market features a mix of established national brands and local operators. While specific operator data is not publicly available, the overall market performance suggests intense competition, driving innovation and customer-centric offerings.

The significant gap between gross revenue ($80.6 million) and adjusted gross revenue (which previously peaked at $67.5 million in January 2024) indicates substantial promotional spending by operators. This strategy, while potentially impacting short-term profitability, aims to capture market share and foster long-term customer loyalty.

November saw a hold percentage of 10.60%, reflecting the amount retained by sportsbooks from the total amount wagered. This figure is considered healthy by industry standards and contributes to the overall profitability of the market.