Virginia Sports Betting Revenue, Handle and Taxes
Virginia Gambling Date Trends
Virginia Sports Betting Data
| Month | Handle | Handle Per Capita | Revenue | Hold | Taxes |
| November 2023 | $638,831,057 | $127 | $43,003,244 | 6.7% | $5,480,552 |
| October 2023 | $571,354,817 | $113 | $63,996,952 | 11.2% | $8,550,197 |
| September 2023 | $520,304,187 | $103 | $54,081,414 | 10.4% | $7,040,532 |
| August 2023 | $319,005,942 | $63 | $32,471,396 | 10.1% | $4,155,221 |
| July 2023 | $293,611,789 | $58 | $32,471,396 | 11.1% | $4,115,218 |
| June 2023 | $325,455,052 | $245 | $32,668,024 | 10% | $3,939,701 |
| May 2023 | $403,719,160 | $80 | $48,144,550 | 11.9% | $6,285,305 |
| April 2023 | $425,982,859 | $85 | $45,121,878 | 10.6% | $5,799,965 |
| March 2023 | $511,614,541 | $102 | $55,258,910 | 10.8% | $7,413,213 |
| February 2023 | $433,807,108 | $86 | $39,766,908 | 9.2% | $4,682,125 |
Virginia Sports Betting Revenue
Virginia lawmakers legalized sports betting on April 22, 2020 and online sports betting launched several months later on January 21, 2021. There are now more than a dozen Virginia betting apps and Virginia betting sites available in the Old Dominion State.
Virginia sports betting revenue from January 2021 onwards is over $352 million. Meanwhile Virginia sports betting handle surpassed $4.9 billion in 2022 and Virginia sports betting handle for 2023 through May is over $2.2 billion. The total Virginia sports betting handle has now surpassed $4 billion. Virginia is in the top 10 states in terms of betting volume.
Having several pro sports franchises in nearby Washington, D.C. helps with consistent betting interest. All of the sports betting industry’s leaders are present in the state as well, including DraftKings, FanDuel, Caesars and BetMGM.
Below, we discuss Virginia sports betting taxes and Virginia sports betting revenue by state, as well as detail Virginia sports betting revenue and Virginia sports betting hold to show you how the state has fared financially since legalized sports betting launched.
Virginia Sports Betting Taxes
Sports betting taxes are of great importance to bettors, who obviously want to keep as much of their winnings as possible. The VA sports betting tax rate currently stands at 15% on operator sports betting revenues. This is still below the national average of 19%, but only seven states (Delaware, Massachusetts, New Hampshire, New York, Ohio, Pennsylvania, Rhode Island) have higher tax rate percentages, while Illinois, Louisiana and Maryland also have 15% tax rate percentages.
Virginia sports betting taxes have generated more than $24.6 million to date. As long as the Virginia sports betting tax rate stays beneath the national average, Virginia bettors will continue to generate significant revenue for Virginia sports betting taxes. This also means that Virginia sports betting revenue has consistently been healthy since the trade was legalized.
Virginia Sports Betting Handle
Sports betting handle refers to the total amount of money that has been wagered by a specific population. Nationally, people are betting regularly on sports. The sports betting handle for the entire country in 2022 was over $93.7 billion, which was more than $36 billion more than 2021. The national 2023 sports betting handle through May was already at $40 billion. Sports betting continues to grow and grow and Virginia sports betting revenue by state is impressive.
The most recent Virginia sports betting handle came in at just over $403.7 million for May 2023. That was $22 million lower than April 2023, but $52 million more than May 2022. Virginia sports betting handle for 2022 surpassed $4.9 billion. Total Virginia sports betting handle has now topped $10 billion since sports betting launched in the Old Dominion State in January 2021.
Virginia Sports Betting Handle Per Capita
Virginia is currently the 12th-largest state in terms of population with just over 8.7 million residents. The Virginia sports betting handle per capita in 2022 was $569, placing it 10th overall for states with legalized sports betting. Per capita in this sense is the annual sports betting handle of a state divided by that state’s population.
Virginia Sports Betting Hold
Sports betting hold is defined as the percentage of money that a sportsbook keeps for every dollar wagered by users. For example, if a sportsbook has a monthly handle of $10 million and a revenue of $2 million, that means they paid out $8 million in winnings. That also means that the hold would be 20%.
Through five months of 2023, the Virginia sports betting hold percentage is 10.44%, which is significantly higher than the Virginia sports betting hold percentage from 2022, which was 9.80%. The Virginia sports betting hold for 2023 is significantly higher than the national average, which is 9.05% year to date. The Virginia sports betting hold percentage was significantly higher than the national average in 2022 as well, as that 9.80% surpassed the national average by 1.70%.
FAQs
Yes, Virginia sports betting taxes are imposed on all Virginia residents who participate in and win in sports betting. They have to pay the Virginia sports betting tax rate of 15% on all winnings.
The Virginia sports betting handle for the first five months of 2023 totals $2,288,278,260 for an average of $457,655,652 per month.
The Virginia sports betting hold through the first five months of 2023 is 10.44%. The Virginia sports betting hold for all of 2022 was 9.8%. Both of these percentages are significantly higher than the national average for the same time periods.
Virginia sports betting revenue has surpassed $352,443,759 to date.
Thanks to Virginia sports betting taxes and a below national average Virginia sports betting tax rate of 15%, the state has made more than $24.6 million since the launch of legalized sports betting in the state in January 2021.