Virginia Sports Betting Figures Increase Industry

Virginia Sports Betting Figures Enjoy Huge Increase in November

By Amelia Walker Senior Content Writer Updated: 13 January 2024

Amelia Walker Senior Content Writer

Amelia Walker is a Senior Content Writer at Betting.US. She has a law degree and deep knowledge of the gambling laws in the United States. Her mission is to keep players informed about responsible gambling, while her passion for sports helps her create useful guides. Amelia has over a decade of experience in betting, which has positioned her as a trusted voice among our readers.

See Full Bio

According to recently released figures, Virginia’s sports betting market is booming. The data shows that an impressive $638.8 million was wagered in November 2023. This reflects an increase of 23.1 percent compared to the previous November. The figure was made of up bets made both online and at physical sportsbooks.

Figures also show that the state earned a hefty $5.5 million in taxes from sports betting in November, according to the data released by the Virginia Lottery.

Most of the tax money goes to the state’s general fund, but a small portion is set aside for the Problem Gambling Treatment and Support Fund. This fund, which is managed by the Virginia Department of Behavioral Health and Developmental Services, helps people with gambling problems.

Since online sports betting started in Virginia in April 2020, bettors have placed a total of $13.1 billion in bets. This has led to over $135 million going into state finances from legal sports betting. Virginia law requires sports betting operators to pay a 15 percent tax on their earnings.

Aided by Football Season

One of the big reasons for the betting surge seen in November was football, with both the NFL and college football proving very popular with bettors. For three months in a row, including November, the total amount bet in Virginia has been over half a billion dollars each month. The increase from October to November alone was 11.7 percent.

November also saw the launch of ESPN Bet Virginia, a sportsbook by PENN Entertainment, which replaced Barstool Sports in the state.

Reports also show that Virginia’s bettors took home a total of $595.8 million in November. This means that the betting operators kept a smaller portion of the bets, 6.73 percent compared to October’s 11.2 percent.

Sports betting operators in Virginia also use various promotional offers to attract bettors and bring new customers on board, particularly during major events such as the football season.

In November, they spent $1.5 million on these promotions, based on recent data. This reflected a big increase from the previous November, when they spent just over $817,000 on promotions. Unlike some other states, Virginia continues to see a lot of these promotional activities.

Online Sports Betting a Big Hit

Bettors in Virginia, as well as in other betting states around the country, continue to favor online sports betting. According the PlayUSA:

Overwhelmingly, Virginia bettors prefer to wager on sports online. In November, 98.9% of all bets on sports in Virginia were placed via a mobile sports betting app or a sportsbook website. Virginians continue to prove their passion for sports and competition.

While there are many online sports betting apps in Virginia, the Virginia Lottery doesn’t give out details about how much each sportsbook earns, or which sports are the most popular for betting.

Sports betting in Virginia continues to grow rapidly, with strong interest from bettors and huge financial benefits for the state. Many believe that the state manages this sector effectively, ensuring economic benefits while also addressing the issue of problem gambling.