Virginia Opens 2024 With Record Sports Betting Handle
Virginia Sports Record Betting Handle: Jan. Wagers Over $652.8M
Online sports betting continues to be a hit in Virginia.
Bettors in the commonwealth wagered more than $652.8 million on sports in January, a 27.2% increase from the previous year, according to data released Friday by the Virginia Lottery. Virginians won a total of $578.5 million.
January’s handle also represented a 3.1% increase from December 2023, when Virginians bet over $630 million on sports.
Here is the latest on Virginia sporting a record betting handle.
Online Gaming Outpacing Brick-and-Mortar Casinos
A majority of January’s gross sports gaming revenues came from mobile operators, compared to just $6.6 million from retail casinos. Since legalizing sports betting in January 2021, Virginia has expanded to over a dozen operators.
Virginia sports betting apps include some of the best online sportsbooks, such as DraftKings, FanDuel, bet365, and Caesars.
Meanwhile, Virginia currently has three casinos: Rivers Casino in Portsmouth, Caesars Virginia in Danville, and Bristol Casino, the future home of Hard Rock. In January, gaming revenues from casinos totaled $52.8 million.
December 2023 was the best month for brick-and-mortar locations, which claimed 1.2% of the bets.
Virginia remains among several U.S. states that have yet to legalize online casino gaming. Although legalization is expected to grow within the next year because of its reputation as a strong revenue source, critics worry about its impact on problem gambling.
This form of gaming allows players to play many of their favorite games, such as video poker, blackjack, roulette, and dozens of different slots. It is widely seen as a more serious form of gambling, which has fueled concerns about it feeding addictive behaviors.
Only six states—Connecticut, Delaware, Michigan, New Jersey, Pennsylvania, and West Virginia—have legalized online casinos.
Surveying the Landscape
Online sports gambling is now legal in twenty-nine states and Washington, D.C. The list will grow on March 11, when North Carolina officially launches.
In terms of handle and tax revenue, Virginia hasn’t prospered as much as some of its neighboring states despite being near the District of Columbia, where betting is more limited. That said, Virginia’s record betting handle shows the state is headed in the right direction as the landscape continues to evolve.
Last month, legislators voted unanimously to table a bill that would have allowed Virginians to bet on in-state colleges and universities. Theoretically, if passed, the bill would have led to even more revenue in an already bustling market.
Locally, interest in college athletics is high. Virginia and Virginia Tech both have strong followings in football and basketball, along with Group of Five schools such as George Mason, James Madison, Liberty, and VCU.
Critics, though, worry that such a measure could create a slippery slope in which college athletics become more susceptible to bribery and game-fixing. A few states, such as Ohio, have already banned college sports player props over concerns about a rise in the harassment of student-athletes because of betting.
As Virginia sports a record betting handle, stay tuned for more updates.
For betting news, scores and odds, analysis and more, visit Point Spreads Sports Magazine.
