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Isaac McKneely #11 of the Virginia Cavaliers shoots the ball during the second half as we look at Virginia's sports betting financials for February 2024.
Isaac McKneely #11 of the Virginia Cavaliers shoots the ball during the second half against the Colorado State Rams. Photo by Michael Hickey/Getty Images via AFP.

Virginia's sports betting activity remained above the $500 million mark in February, as our best sports betting sites reported mixed results, similar to other state's reports nationwide.

Despite a month-over-month drop in both handle and revenues from January's record figures, the Virginia Lottery February report did show healthy year-over-year increases in both of the major measuring metrics. 

Along with the handle streak that February's Virginia sports betting activity extended, another streak remained intact following Monday's release of February's sports betting numbers for the Old Dominion. Virginia sports betting operators have now enjoyed over $50 million in gross sports betting revenues for three straight months.

$545.1 million handle

Sports bettors in Virginia spent a total of $545.1 million with legal providers during February's 29-day reporting period, of which $540 million came from Virginia sports betting apps, while retail was responsible for about $4.9 million.

The $545.1 million figure represents a 16.5% month-over-month decrease in overall wagering activity from the record $652.9 million from January but an impressive 25.6% year-over-year jump from $433.8 million in February 2023.

Virginia sportsbooks in February maintained their trend of consistently higher year-over-year totals as residents continued to take advantage of Virginia sportsbook promos.

$50 million in adjusted gross revenue

Virginia sportsbooks reported $50 million in adjusted gross revenue for the February reporting period before promotions and other deductions. It marks the third straight month that the Old Dominion has managed to eclipse that total.

February revenues dropped an eye-opening 32.1% month-over-month from January’s more than $74.3 million but are a 25.8% year-over-year improvement from nearly $40 million reported in February 2023.

A somewhat disappointing 9.18% was about the same as February 2023 but is 2.2 percentage points behind the win rate for January.

Adjusted gross revenue impresses

The good news is that Virginia sportsbook adjusted gross revenue came in at $44.5 million, 56.6% higher than in February 2023, mostly because of very low promotional deduction totals from its providers during the month. 

That low figure stems from a law in Virginia that stipulated that sportsbooks in that state could only deduct promotional credits and bonuses in their first 12 months of operation. Only SuperBook Virginia and Betr Virginia remain eligible to deduct promotional costs.

It all resulted in $6.3 million in taxes being contributed to needy Virginia tax coffers. Year-to-date tax revenue from Virginia sports betting providers now stands at $16.3 million, a $5.2 million improvement from the same period last year.

The Virginia Lottery does not report the performance of individual sportsbooks in its monthly reports, but it did say that 11 of its operators, likely including some of our best sports betting apps, "reported net positive AGR for February."