Last updated on April 24th, 2025 at 03:33 pm
As of April 2025, the Virginia sports betting industry is experiencing significant growth, marked by record-breaking revenues and increased wagering activity. Here’s an overview of the current state of sports betting in the Commonwealth.
Market Growth & Performance of the Virginia Betting Industry
- Record-Breaking Handle: In November 2024, Virginia achieved a historic sports betting handle of $761 million, exceeding the former record of $696.1 million established in October 2024. This represents a 19.1% increase compared to the previous year.
- Dominance of Online Betting: The overwhelming majority of bets are still being made online, with mobile platforms recording $756.8 million in wagers during November 2024, in contrast to only $4.2 million at physical retail locations.
- Adjusted Gross Revenue (AGR): In November 2024, the AGR reached a historic high of $80.6 million, reflecting a 121.4% increase compared to the same month in 2023 and a 64.5% growth from October 2024.
- Tax Contributions: In November 2024, the state generated $12.1 million in tax revenue from sports betting, marking the highest monthly total recorded thus far. Of this amount, $11.8 million was designated for the General Fund, while $302,529 was directed to the Problem Gambling Treatment and Support Fund.
Current Virginia Sports Betting Dynamics
- Operator Landscape: As of November 2024, there are 13 licensed mobile operators and three retail casinos authorized to accept wagers in Virginia. Out of the 13 mobile operators, ten, along with all three casinos, reported a net positive Adjusted Gross Revenue (AGR) for that month.
- Tax Policy Changes: In the fiscal year 2023, Virginia generated $67 million in taxes from sports betting, surpassing earlier estimates. This rise can be attributed in part to a policy modification that disallowed operators from subtracting promotional costs from their taxable income.
Virginia Sports Betting – Opening a Sportsbook in Virginia
While the best PayPerHead sites can be established quickly and with affordable rates, Virginia gambling operators will have to pay a $250,000 sports betting license fee. As for other details on sports betting, the Lottery Office has also said that they are not interested in offering a payout cap for their bettors. This will allow sportsbooks to have a better chance at equal competition against each other, and against outside markets.
Virginia currently aims at having sports betting launched by 2021. If things happen according to plan, then the Lottery Board will be taking in applications starting October this year, and be open by January 2021. As to what sports people can bet, on, bettors will have a lot of options, which they can see in providers like Easy Pay Per Head. Even collegiate sports betting will be legal, except for betting on any local college sporting event or team. Prop bets on college sports are not allowed, however. And another odd exemption, is that residents will not be able to bet on Olympic sports.
Legal Sports Betting in Virginia Time Line
April 20, 202 – Virginia took a big step forward by approving a bill to bring casino gaming to the state, focusing on five selected cities. Alongside this, lawmakers also gave the green light to legal online and mobile sports betting, opening up exciting new entertainment options for Virginians
July 16, 2020 – Sports Betting will be available in
Virginia pretty soon, assuming that the regulations that the Virginia Lottery will set will be approved. The regulatory and implementing office has a draft of rules and regulations which will be open for public comments. This means that any resident can go to the town hall website and leave their feedback for the next 60 days.
While a simple “yes” or “no” is what most people expect the government to do, there are a lot of details that need to be finalized. We at
Bet Sports Online cover a lot of gambling industry news that touches on these details. In this case, the website of the Virginia Lottery will have information on the voluntary exclusion program, a consumer protection program, as well as the whole process for applications for permits. There is also a draft on sports betting regulations.
May 2024 – Legislative efforts for casino expansion: A proposal for a casino in Tysons Corner was turned down by a Senate committee in early 2024. Nevertheless, talks regarding the expansion of casino gaming in Northern Virginia could potentially restart in 2025.
