VA sportsbooks passed $4 billion in handle in the market’s 13-plus months of operation since launching last January.
Gross revenue since launch is $352.4 million, eight-best in the country, but that does not translate directly to tax dollars. Promo deductions mean tax revenue is $24.6 million, 11th-best in the US.
VA sportsbooks dip in February
Handle from the 11 live mobile Virginia sportsbooks was $401.9 million in February, which fell 17.2% from January. Handle was up 51.2% from last February, though, which was the state’s first full month of betting.
The top event of February, the Super Bowl, saw a nearly 70% jump in action over last year. Super Bowl betting totaled $33.2 million this year, up from $19.6 million in 2021.
Only four books paid taxes
The Virginia Lottery only breaks out operator-specific details at its four board meetings each year. That means it is unknown who paid taxes in February, just that only four operators did.
Operators deducted $15.8 million in promos and $3.8 million in other deductions. That dragged gross revenue to $7.9 million from $27.5 million. A bill that would have capped those deductions to an operator’s first 12 months died this session.
Those four operators combined to pay $1.4 million in taxes to the state.
Hard Rock joins VA sportsbooks as 12th operator
There are now a dozen online VA sportsbooks live after Hard Rock launched March 31.
Hard Rock is the first brand to launch this year in Virginia but it will not be the last.