Virginia sports betting handle increases 16% year-over-year for December 2024
The reported AGR for December 2024 was nearly $43.9m, representing a 23.1% decrease from the prior year period.
Key Points
- The state’s handle for December 2024 was reported to be $734.4m, of which $729.5m was generated through online sports betting
- The decrease in AGR was most likely caused by a drop in win percentage from operators, which reached 10% throughout December 2023
The Virginia Lottery has released the state’s sports betting activity for December 2024, which includes a reported handle of nearly $734.4m, representing an increase of 16% from the prior year period.
Online sports betting generated the most handle by far throughout December 2024, reporting almost $729.5m of wagers placed during the month. The figure represents an increase of 16.6% year-over-year, showcasing continued growth for online sports betting within the state.
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Retail sports betting saw a fall in wagers placed at brick-and-mortar casinos, however, reporting $4.9m in handle for December 2024 and decreasing 36.4% from the prior year period. Virginia’s adjusted gross revenue (AGR) for sports betting was reported to be nearly $43.9m throughout the month, decreasing by 23.1% year-over-year.
The fall in AGR can be primarily attributed to a decrease in win percentage for operators, as the figure reached 10% throughout the prior year period compared to 6% during December 2024.
Good to know: On January 21, lawmakers in Virginia decided to table action on a bill that would bring legal iGaming to the state
Virginia places a 15% tax on sports betting activity based on each operator’s AGR, with 97.5% of tax revenue going towards the state’s general fund and the remaining portion deposited into the Problem Gambling Treatment and Support Fund.
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For December 2024, the state collected nearly $6.6m in taxes from sports betting activity, which will now be split between the aforementioned funds.
During the month of December, Caesars Entertainment celebrated the grand opening of its Caesars Virginia property which includes a retail sportsbook location.
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