Virginia reports $622M+ in sports betting revenues, voters to decide on fate of casino in Petersburg today

The Virginia Lottery released on Friday its report on sports wagering activity submitted by licensed operators for September 2024. 

Between September 1 and September 30, 2024, Virginians wagered $622,060,604, 19.6% higher than last September. Additionally, operators paid out $550.2 million in wins and had a combined hold of 11.5%, the third-highest hold of the year. Betting operators had a combined $65.9 million in adjusted gross revenue, the second-highest of 2024.

As per the report, operators paid the state a combined $9.9 million in tax revenue. Virginia taxes sports betting operators at 15%. It should be noted that for September,  twelve mobile operators and three casinos accepted wagers in Virginia.

Handle was up 19.6% over September 2023 when bettors laid down $520.3 million in bets. Compared to August, handle was up $206 million. Virginia does not release individual operator information or a sport-by-sport breakdown. But the start of the NFL season in September annually kicks off the busiest betting season of the year. Virginia operators wrote off a total of $5.7 million in promotional play in September.

There are currently 13 digital wagering platforms live in Virginia. Sporttrade went live in Virginia on October 24, giving bettors a 14th digital option. The platform will report its first numbers – for eight live days in October – at the start of November. 

Furthermore, three casino sportsbooks are currently taking bets. Voters in 2020 approved five land-based casinos in the state. So far, casinos in Bristol (Hard Rock), Danville (Caesars), and Portsmouth (Rivers) have opened. Boyd Gaming and the Pamunkey tribe last week broke ground on a $750 million casino in Norfolk, which is scheduled to open in late 2027.

Today marks an important day for the state of Virginia, as voters in Petersburg will vote on whether or not to issue The Cordish Companies’ Live! Casino a license in Petersburg. State lawmakers in February voted to take the proposed Richmond casino off the list of eligible cities.