Virginia’s Sports Wagering Sector Reports Robust February 2025 Performance

The Virginia sports betting market remained on the rise in February 2025, with users wagering a combined $556.8 million. While this sum marks a 2.2% year-on-year rise compared to the same period in 2024, it is also a  24.4% decline compared to January 2025. These figures, published by the Virginia Lottery on 1 April, demonstrate the industry’s continued resilience despite seasonal fluctuations and ongoing regulatory uncertainties.

The Digital Sector Continues to Dominate

Of the total wagers, $553 million was placed online, reinforcing the digital vertical’s leadership position. In comparison, retail sportsbooks accounted for only $3.8 million. However, the digital and retail sectors appear to have mostly reached an equilibrium. Players claimed $490 million in winnings, with an additional $4.9 million attributed to undisclosed deductions.

Despite a month-over-month decrease in total handle, the sports betting hold percentage reached 11.12%, the highest since September 2022‘s 11.77%. This impressive hold translated to an adjusted gross revenue (AGR) of $61.9 million, 39.1% higher than February 2024 but 23.6% lower than January 2025. Online betting contributed $61.7 million, while retail generated a modest $206,590.

Virginia’s sports betting tax revenue totaled $9.3 million, with $9.1 million deposited into the General Fund Allocation and $232,599 to the Problem Gambling Treatment and Support Fund. The state currently has 14 online sportsbooks and three retail betting venues that contribute 15% of their revenues to the state’s coffers.

Retail Casinos Continue to Expand

Beyond sports wagering, Virginia’s gambling landscape is set for a substantial expansion with two new high-profile venues that could significantly impact future revenue streams. The $750 million Norfolk Casino project commenced construction in February. It will feature a 200-room hotel, casino floor, entertainment center, variety of dining spaces, and an outdoor deck. Developers plan to launch a temporary casino in 2025 until construction finishes.

Despite significant resistance from local advocacy groups, plans for a new Rosie’s Gaming Emporium in Henrico County are moving forward. The controversy surrounding the development reached its peak when Governor Glenn Youngkin vetoed a state budget provision that would have required a referendum before allowing the venue to open its doors. 

Overall, Virginia’s sports betting and gaming sectors continue to thrive, demonstrating resilience and growth potential. While plans to establish a dedicated Virginia gaming authority have encountered unforeseen delays, experts believe updated regulations are a matter of time. As the market keeps evolving, stakeholders remain optimistic about sustained growth, particularly in the digital space.