Virginia Sports Betting Reaches $416 Million in August

October 3, 2024, 10:25 AM - Maxime L.

Virginia’s sports betting market continues its upward trajectory, reaching an impressive $416.7 million in handle for August 2024. This marks a 30.6% increase compared to August 2023, driven by a surge in both online and retail sports wagers. The majority of this amount—$414.8 million—came from online betting, while $1.9 million was placed at retail sportsbooks located within casinos.

Despite the significant growth in handle, revenue saw a slight dip from July. Adjusted gross revenue for August amounted to $35 million, a 24.1% rise compared to the same period last year, though it was down 10.7% from July 2024. Online sportsbooks accounted for nearly all of this revenue, with retail sportsbooks contributing just over $415,000.

Virginia’s bettors took home $376.5 million in winnings, leaving operators with a hold rate of 9.63% for the month. Promotions and bonuses deducted $6,057 from the revenue pool, while state taxes from sports betting activity totaled $5.2 million, bolstered by Virginia’s 15% tax rate on adjusted gross revenue.

The growth in Virginia mirrors trends seen across other U.S. markets, reflecting a steady demand for sports betting throughout the year. Football season, especially, is expected to push these numbers even higher as it continues into the fall months.

Maxime L.

About the author

Maxime is a sports betting and content specialist at TrustnBet.com with a particular passion for basketball. A lifelong fan of the game, he closely follows the NBA, WNBA, and NCAAB, with a strong interest in team performance, player statistics, matchups, and betting markets. His basketball coverage focuses on the factors that can influence games and betting odds, from player form and injuries to team trends, schedules, and statistical matchups. He enjoys breaking down NBA and WNBA games as well as the intensity and unpredictability of college basketball. At TrustnBet, Maxime also works across sportsbook content, predictions, and odds-related resources. Outside of work, he enjoys playing basketball, watching sports documentaries, coding, and following the latest developments in digital content and SEO.