Virginia Reaches $633 Million Sports Betting Handle in December is an independent sports news and information service. has partnerships with some of the top legal and licensed sportsbook companies in the US. Gaming Today may receive referral compensation from the sportsbook company when you claim a bonus offer or promotion through a link on this site. Although the relationships we have with sportsbook companies may influence the order in which we place companies on the site, all reviews, recommendations, and opinions are wholly our own. They are the recommendations from our authors and contributors who are avid sports fans themselves.

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Virginia concluded its sports betting activities with a handle totaling $633.2 million for December. This figure represents a slight decrease compared to the $638.8 million achieved in November.

However, the sports betting handle for December not only marked a 26% increase compared to the same month the previous year but also solidified Virginia’s exceptional performance throughout the 2023 fiscal year. In a remarkable trend, every month in 2023 outperformed its counterpart in 2022, highlighting a consistent and impressive growth trajectory in the Virginia sports betting landscape.

Online operators facilitated a considerable portion of the overall betting activity, amassing a substantial $625.5 million in handle. In contrast, traditional brick-and-mortar locations contributed $7.7 million to the total wagered amount.

Bettors amassed a total of $569.6 million in winnings. The online betting community garnered $562.8 million, while bettors who placed wagers in person collectively reaped rewards totaling $6.7 million.

Operators’ Win Percentage Surges to 10% in December

Despite a marginal dip in betting activity for December, the Commonwealth of Virginia observed a substantial surge in overall revenue.

This surge in revenue can be primarily attributed to a rise in the win percentage for the state in December, reaching an impressive hold of 10%. Compared to the previous month’s figure of 6.7%, operators experienced a more favorable outcome, outperforming bettors during this period.

Out of the $633.2 million accumulated in wagers, operators collectively retained $57.1 million in adjusted gross revenue. This figure represents a remarkable 57.3% increase compared to the previous month’s reported earnings.

Online operators secured an overwhelming 98.6% share of the total, translating to a substantial $56.3 million. Traditional retail operators, on the other hand, saw a more modest income, amounting to $916,071.

For the month, allowable bonuses, promotions, and other deductions amounted to $1.9 million and $4.5 million, respectively.

In adherence to state legislation imposing a 15% tax on sports betting operations, Virginia amassed a tax revenue of $8.5 million. This figure marked a significant 36.5% increase from the $5.4 million reported in November.

Virginia Sports Betting Handle Exceeds $5 Billion in 2023

As the 2023 fiscal year ended, Virginia accomplished the elusive $5 billion mark and exceeded expectations by concluding the year with a robust total handle of $5.6 billion.

This outstanding achievement propels the state into an elite group of six, distinguishing itself as one of the select few states to surpass the $5 billion threshold in sports betting handle within a calendar year.

With a diverse array of 16 licensed operators contributing to the market, FanDuel emerged as the dominant force in 2023, displaying its prowess by securing 40% of the market share. This considerable influence cements FanDuel’s status as a critical player and underscores its popularity among avid bettors who consistently choose the platform for their sports-wagering endeavors.

DraftKings secured the second position in the state, boasting a market share of approximately 28.1%. In the third spot, BetMGM followed closely behind, commanding a 12.4% market share.

However, the competitive landscape in Virginia extends beyond the top three players. Each of the remaining 14 operational sportsbooks in 2023 held a market share below 10%. Of these 14, 11 process less than 2% of the yearly handle generated in the state.

Virginia bettors clearly preferred various betting options, with parlays emerging as the top choice – 23.7% of the total wagers. Following closely, the NBA captured a 20.3% share of the bets. Football secured the third spot in popularity, accounting for 15% of the overall bets.

Tennis and baseball also garnered attention, claiming 12.6% and approximately 11% of the total bets, respectively. Furthermore, a range of other sports collectively constituted less than 10% of the total wagers made statewide.


About the Author
Tebearau Egbe

Tebearau Egbe

Tebearau Egbe is a seasoned gambling writer with over four years of experience. Armed with a Masters degree in philosophy, Egbe possesses a unique ability to dissect complex industry developments, distilling them into insightful narratives that captivate readers.

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