Virginia Experiences Rise in Sports Betting Activity for February
The Virginia Lottery has released its wagering revenue report for February, showing that sportsbooks received $545.1m in sports betting handle for the month. While online betting accounted for $540m of the total handle, retail betting contributed $4.9m.
Virginia operators achieved a hold rate of 9.18% during February, leading to a combined players’ win of $495,027,632, with $490,422,566 won on mobile and $4,605,066 at retail locations. After deducting allowable bonuses, promotions, and other qualifying expenses, operators generated $44.45m in combined adjusted gross revenue (AGR). While $44.16m came from online or mobile betting, retail activity generated $289,548.
LISTEN TO THIS ARTICLE:While it didn’t release specific operator revenue, the Virginia Lottery reported that eleven operators attained net positive AGR for February.
Based on a tax rate of 15% of AGR, operators remitted a total of $6.3m to the state as gaming taxes in February. 97.5% of the tax will go to the General Fund, and 2.5% will be allocated to the Problem Gambling Treatment and Support Fund under the Virginia Department of Behavioral Health and Developmental Services.
Compared to January, Virginia saw a decrease in handle, AGR, hold, and tax payments. Sportsbooks reported an adjusted win percentage of 10.34% and paid the state $9.9m in taxes during that month.
More Finance News
In-State College Betting Bill Meets Stiff Opposition
While Virginia legalizes sports betting, the state does not currently permit bets on in-state college teams. Last month, a bill proposed by Senator Schuyler VanValkenburg to legalize such wagers was punted to the 2025 legislative session by the Senate Finance and Appropriations Committee.
VanValkenburg argued that allowing in-state college bets would create a safer and more transparent playing field and generate more wagering tax revenue for the state.
With a 14-0 vote in the Senate against the bill, it appears that VanValkenburg’s fellow legislators are not convinced by the idea, and Virginia will continue to remain among US states where in-state college betting is prohibited by law.
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