November was a great one for the Virginia gaming industry as the Virginia gaming revenue hit $80.6 million. It’s the highest revenue ever generated within a single month in the Old Dominion state.Virginia Reveals November 2024 Gaming Revenue Figures
Most of the revenue came from online betting, with bettors spending up a record $79.9 million. Sports betting handles in Virginia were also responsible for a second record-breaking event, as Virginia reported its monthly taxes generated from sports betting at $12.1 million during November.Virginia Reveals November 2024 Gaming Revenue Figures
The Virginia Lottery recently reported that the State of Virginia raised a record-breaking adjusted sports betting gross revenue for November. Based on data published by the agency, Virginia’s gross revenue in November 2024 went up to $80.6 million. This figure is a 121.4% increase on what the state raised in November 2023 and 64.5% more than it raised in October 2024. It also exceeds Virginia’s existing adjusted gross revenue (AGR) record of $67.5 million by 19.4%.Virginia Reveals November 2024 Gaming Revenue Figures
Interestingly, a significant part of the AGR (total wagers minus total winnings and other authorized deductions) came from online activities. During November 2024, 13 mobile operators and three land-based casinos accepted wagers in Virginia. About $79.9 million of all revenue came from online betting, while $666,689 was attributed to retail revenue. You can check the banners on this page for our list of Virginia sportsbooks currently available to use in the state.
In November 2024, Virginia also experienced an increase in sports betting handle(the total amount of money wagered by bettors at a sportsbook over a given period). It peaked for the second month in a row.
Virginia’s monthly sports betting handle for online and land-based betting in November maxed at $761 million, surpassing the figure amassed in 2023 by 19.1%. Before November 2024, the sports betting handle record was $696.1 million; a record was set in October 2024. A month later, the amount grew by $65 million, breaking the record set in October, by 9.3%.
Going by the Virginia Lottery report, $756.8 million was spent betting online, with another $4.2 million wagered with sportsbooks at land-based casinos. Bettors in Virginia were not left out of the record breaking spree, as local bettors won $674.6 million within November 2024.
AGR and sports betting handle records aren’t the only records the State of Virginia broke in November 2024. Virginia taxes sports betting at a rate of 15.0% on AGR, and it broke its record in tax generated from sports betting, collecting $12.1 million in taxes in November 2024. The highest amount Virginia previously generated as tax from sports betting was $9.9 million in January 2024.
About $11.8 million of the $12.1 million collected in taxes went to the General Fund Allocation, while $302,529 went to the Problem Gambling Treatment and Support Fund Allocation.
Going by the increase in Virginia’s gaming revenue in November, as reported by the Virginia Lottery, there appears to be a thriving sports betting industry in the state. The month of November saw Virginia break its records in AGR, sports betting handle, and monthly tax generated from sports betting.
Although online sportsbooks are in the lead, land-based casino establishments have started taking retail wagers on sports, which will create further growth for the sports betting industry.
