Virginia bettors wagered $575 million in February, marking a 3.2% increase from a year ago, according to a release by the Virginia Lottery on Wednesday.
That figure was down was down 16% from January’s $688 million as the heavily bet NFL season concluded with the Super Bowl on Feb. 8. It also marked three consecutive months where handle diminished. Such drops are typical nationally once the ultra-popular NFL season begins to taper off.
But, Virginia is holding its own nationally. Among states thus far reporting February figures, Virginia ranks sixth nationally:
Top reported sports betting handle figures so far:
- New York: $2 billion
- New Jersey: $846 million
- North Carolina: $596 million
- Pennsylvania: $592 million
- Nevada: $579 million
- Virginia: $575 million
- Tennessee: $460 million
- Indiana: $430 million
- Michigan: $391 million
- Louisiana: $304 million
- Iowa: $213 million
Virginia is for covers: Inside the figures
The February hold percentage landed at 9.93% with Virginia bettors pocketing $517 million. The state taxes operators at 15% based on adjusted gross revenue (AGR), which amounted to $53.8 million.
Ten of 12 operators currently doing business in Virginia reported a positive net AGR for February, sending nearly $8.1 million to state tax coffers. In Virginia, 97.5% of these monies are funneled to the General Fund and 2.5% toward the Problem Gambling Treatment and Support Fund overseen by the Virginia Department of Behavioral Health and Developmental Services.Â
