The sports betting handle for January on Friday as the Old Dominion kept pace with other states in hammering the betting public to kick off 2024.
Gross operator winnings were up 49.5% compared to 12 months prior as the 11.4% hold this January was 1.7 percentage points higher. It was the first time Virginia sportsbooks sured $70 million in monthly revenue and blew past the previous mark of $64 million last October.
Handle was up 27.2% versus January 2023 and 3.1% from December while bettering the previous record of $638.8 million from November. It is the third consecutive month wagers cleared $600 million in Virginia and the first time handle topped $500 million for five straight months.
For the first time since December 2022, the state was able to levy taxes on at least 90% of gross revenue, with $67.5 million in adjusted gross revenue subject to a 15% levy. That resulted in a record inflow of $9.9 million into state tax coffers and lifted the all-time total above $150 million in 37 months of betting.
The national hold among states that have furnished both handle and revenue in January thus far is 11% on $10.6 billion handle, resulting in $1.16 billion in gross Tennessee and revenue from Nebraska.
Promo spend up from 2023, deductions down 4yu1d
Wagering via gambling apps ed for the overwhelming bulk of handle, with $646.2 million worth of bets placed online. Mobile operators had an 11.4% hold in keeping $73.4 million in gross revenue.
The commonwealth’s three brick-and-mortar sportsbooks combined for a 14.1% win rate, the 12th time in 18 months there was a double-digit hold from in-person betting. The trio claimed $934,000 from $6.6 million handle, with wagering more than triple the $2.2 million worth of bets accepted to start 2023. Revenue increased 185.3% as last January’s hold was nearly one full percentage point higher.
The Virginia Lottery reported $1.7 million in promotional outlay by eligible mobile sportsbooks, more than double the $768,000 from January 2023 but also down 10.7% compared to December. The state agency does not disclose operator figures in its monthly releases, but it appears bet365 had their 12-month windows to have credits and bonuses deducted against gross revenue close at some point in January dependent on when they fully launched in 2023.
Superbook, however, remain eligible to count those offers against their gross revenue having launched in the second half of 2023. The two have combined for an outlay of $139,325 since launching in September and October, respectively, with Betr ing for $96,588 of that amount.
Other deductions, including the federal excise tax and monthly carryover loss, totaled $5.2 million. That was down 24.5% from the 2023 high of $6.8 million set in January but represented a 13.5% uptick from December. There were $53.6 million in such deductions last year.
The record adjusted gross revenue for January pushed Virginia’s all-time total above $1 billion, making it the 11th state to reach that threshold of taxable operator winnings. The Old Dominion sured $1 billion in gross revenue last May.
