2023 was a good year for sports betting in Virginia. The total wagers placed in 2023 totals $5.6 billion, giving sports betting operators almost $505 million in sports betting revenue. It is also much higher than the $4.9 billion handle for 2022. And the trend seems to continue with Virginia sports betting and gambling, if we will take January’s numbers as an indicator of what’s to come.
Part of becoming a bookie means keeping track of your own sportsbook’s performance- from the handle, which is the total wager amount you get for a time period, the hold percentage, or the margin that bookies get to keep after settling all wagers, and the revenue. It also helps to look at other betting markets so you can identify trends, and be able to plan your bookie operation based on the data you have. Thus, reading through reports from other markets like that of Virginia is something you need to do on a regular basis when you manage your own online sportsbook.
Virginia Sports Betting Numbers for January
The total monthly betting handle for January is at $652.9 million. This is 27.2% higher than January 2023, and is also 3.1% higher than that of December 2023. This is also the highest monthly handle that the state’s sportsbooks have seen. The previous record sits at $638.8 million back in November 2023. Online sportsbooks take in the majority of wagers at $646.2 million.
Revenue from sportsbooks is at $74.3 million, the first time that the state’s sportsbooks have seen revenue top $70 million. This is another new record set by the state, with the previous record at almost $64 million back in October. Revenue gives us a 49.5% increase year-on-year. The revenue for January is also $11 million higher than the previous month’s $63.6 million. The hold is at 11.4% for online sportsbooks, while brick-and-mortar sportsbooks have a 14.1% win rate. Adjusted gross revenue for sportsbooks in the state is at $67.5 million, with the state collecting $9.9 million in taxes.
Casino Gaming in Virginia for January
Aside from sports betting, you can also offer casino gaming through the sportsbook PPH service that you use. With Price Per Player, this feature is included with your fee, so you do not need to pay more to be able to offer an online casino to your players. And this is a good strategy to do as a bookie, especially since gaming is very popular and lucrative.
In Virginia, the total gaming revenue for the month is at $52.9 million. Slots generated $37.9 million, with table games generating $14.9 million.
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