Virginia’s sports betting market witnessed a record growth in November in a continuation of its rapid expansion. Adjusted gross revenue (AGR) skyrocketed to $80.6 million (£64.44 million/€78.18 million), marking a massive 121.8 percent surge from November 2023’s $36.4 million (£29.12 million/€35.31 million).
This news comes as China’s lottery industry recently reported a surge in sales during the first nine months of 2024, reaching $66.5 billion (RMB468.9 billion/£53.20 billion/€64.51 billion). The Virginia Lottery’s latest figures reveal a sports betting handle of $760.97 million (£608.78 million/€738.14 million). This is a 19.1 percent year on year increase and is the first time Virginia surpassed the $700 million threshold in betting handle, setting a new record for the second consecutive month.
Online betting dominates revenue
Online sports betting accounted for the lion’s share of the revenue. It generated $79.98 million (£63.98 million/€77.58 million), whilst retail sports betting contributed a modest $666,689 (£533,351.20/€646,688.33).
Players wagered $756.8 million (£605.44 million/€734.10 million) through online platforms, while land-based sportsbooks accounted for $4.2 million in bets (£3.36 million/€4.07 million). Players won $674.6 million in payouts (£539.68 million/€654.36 million), while the hold rate for operators climbed to 10.6 percent.
Source: Virginia Lottery.
Virginia’s sports betting tax revenue also hit a record high. The state collected $12.1 million (£9.68 million/€11.74 million) in taxes for November, representing a 120.8 percent increase from the $5.5 million (£4.40 million/€5.34 million) in November 2023. This surpasses the old record of $9.9 million (£7.92 million/€9.60 million) set in January 2024.
The General Fund Allocation received a significant sum of $11.8 million (£9.44 million/€11.45 million), with a much smaller $302,529 (£242,023.20/€293,453) allocated to the Problem Gambling Treatment and Support Fund. This comes following a recent announcement in the UAE where The Game LLC teamed up with Takalam, an AI-powered mental health platform, in a bold initiative by the UAE Lottery to promote player mental health.
November’s success followed a strong October, with handle rising 9.3 percent month-on-month. AGR rose 64.6 percent, while tax revenues grew by 64.7 percent compared to October.
Industry expansion in Virginia
Throughout the month, wagers poured in from thirteen mobile operators and three land-based casinos, each vying for a share of the market. The Virginia Lottery doesn’t provide a detailed operator breakdown, but this rapid growth highlights the states’ thriving sports betting market.
These figures were released as The American Gaming Association (AGA) recently projected that US commercial gaming revenue will surpass $67 billion (£53.60 billion/€64.99 billion) this year, marking a four-year streak of record-breaking performances. Virginia is still carving its place amongst the nation’s top markets. New York, for example, set a national record in October 2024 with $2.3 billion (£1.84 billion /€2.23 billion) in online sports wagers.
strong momentum indicates the potential of the state to become a significant player in the U.S. gambling market. With consistent record-setting performances, November’s results are testament to the growing appetite for regulated sports betting amongst Virginians.
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