Virginia bettors have now placed more than $17 billion in bets since sports gambling became legal in the state in January 2021.
The Virginia Lottery released its June 2024 sports betting report on Thursday, Aug. 1. The numbers close out the 2023-24 budget year — and confirmed the $17 billion milestone.
In June 2024:
- Bettors risked about $415.4 million, which is up 27.6% from $325.5 million in June 2023 bets.
- Virginia sports betting revenue was up 53.1% — from $26.4 million in 2023 to about $40.5 million in 2024.
Once winnings are paid out and other deductions are factored in, the state collects its 15% tax on the month’s sports betting activity. Virginia’s 10 sports betting operators paid about $6.2 million in taxes for the month.
The Virginia General Fund receives 97.5% of the tax. Another 2.5% ($155,306 in June) is set aside for the Problem Gambling Treatment and Support Fund administered by the Virginia Department of Behavioral Health and Developmental Services.
Virginia Sports Gambling Up Big YoY
The Virginia budget year begins in July and ends in June, so the new June 2024 sports betting totals close the books for FY24.
Virginia sportsbook operators collected about $6.3 billion in bets between July 1, 2023, and June 30, 2024. The volume is up 22.8% compared to about $5.13 billion in FY23 handle.
Virginia bettors set an all-time single-month record in FY24 with about $652.9 million in January 2024 bets. Altogether, four months exceeded the $600 million mark in Virginia’s 42 months of sports betting reports:
- January 2024 — $652,879,750
- November 2023 — $638,831,057
- March 2024 — $635,593,137
- December 2023 — $633,181,758
The state’s slowest full month of sports betting came in its inaugural year, with $161.9 million wagered in July 2021.
Revenue also jumped 16% year-over-year, from $472.7 million in FY23 to $555.1 million in FY24.
The growth helped Virginia’s general fund, which received just over $82.8 million in FY24 taxes, compared to about $71 million in the 2022-23 budget year.
A shift in the Virginia sports gambling market will have an impact as the new fiscal year begins. Unibet Sportsbook, Betway Sportsbook, SI Sportsbook, and SuperBook Sports all stopped taking Virginia bets in 2024.
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