• Loading stock data...
Thursday, February 29, 2024

Super Bowl Spurs Virginians To Bet $402M on Sports in February

  • Virginia reported a total sports betting handle of $402 million in February.
  • The figure is a significant increase from the $266 million the state saw wagered during the same period last year.
Super-Bowl
Kareem Elgazzar-USA TODAY NETWORK

Virginia reported a total sports betting handle of $402 million in February, a 51.2% increase from the $266 million the state saw wagered during the same period last year.

Bettors in the state pocketed $374 million in February, down from the $446 million bettors won the month prior, partly due to an abundance of wagers placed on Super Bowl LVI, which was played on Feb. 13. 

Virginians shelled out roughly $33 million on the Los Angeles Rams’ 23-20 win over the Cincinnati Bengals.

  • In January, Virginia reported a total handle of $486 million, while revenue reached $39 million.
  • Despite the drop, year-to-year comparisons are deemed better indicators of market maturity due to the sports calendar. 

Virginia legalized online sports betting in January 2021 and has since posted a total handle of $4.1 billion, generating $352 million in revenue. Tax revenue has reached $25 million.

The state has benefited from a regulation in Washington, D.C., that only permits mobile sport bets to be placed within two blocks of Capital One Arena and Nationals Park, respectively.

Virginia has placed a 15% tax on sports betting activity, which is based on each gambling operators’ adjusted gross revenue. In February, monthly tax revenue reached $1.4 million. To date, Virginia has generated roughly $23.6 million in tax revenue.

Record Breakers

New York, which permitted mobile sportsbooks to launch on Jan. 8, reported a total handle of more than $1.6 billion in its first month of legal sports betting — the single-month record for any state. The total included six sportsbooks, which posted $113 million in revenue in January.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

NCAA’s Pay-for-Play Era: What We Know and What’s Next

After years of court battles, the NCAA’s pay-for-play era is here.
Superdome Super Bowl

Superdome Renovations to Finish in Time for Super Bowl LIX

Renovations will total $500 million and have been ongoing for years.

U.S. Sports Betting Sets Records in 2023 for Handle, Revenue

American Gaming Association reports record wagering totals for last year.

Women Prove to Be a Powerful Force in Super Bowl LVIII Record Viewership 

Female demographics show strong viewership growth for the NFL’s title game.
podcast thumbnail mobile
Front Office Sports Today

MLB’s Media Mess

0:00
0:00

Featured Today

Oct 5, 2021; Kansas City, Missouri, USA; Bob Kendrick, president of the Negro Leagues Baseball Museum in Kansas City, points to the lettering outside of the museum Tuesday.

How Do You Keep Negro Leagues Baseball History Alive? Put It in a Video Game

Negro Leagues Baseball Museum attracting increased donations, visits from ‘MLB The Show.’
February 26, 2024

The Victor Wembanyama Rookie Card Market Hasn’t Matched His Hype

A cooling market and Fanatics autograph deal leaves big-money collectors waiting.
February 25, 2024

Sham Gods: The Rapidly Growing World of Sports Impersonators on X

Fake Schefters and Wojs, fabricated trade demands, and borrowed profile pictures.
Sep 24, 2023; Oakland, California, USA; A general view of the Oakland Athletics dugout after the game against the Detroit Tigers at Oakland-Alameda County Coliseum.
February 24, 2024

Murky Future: Everything You Need to Know About the A’s Move to Las Vegas

Breaking down one of the most drawn-out, multifaceted sagas in sports.

Careers

Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Spotify
Multiple - USA Careers
Nike
Multiple - USA Careers
EA
Multiple - USA Careers

Penn State: ESPN Bet Partner Enters New York, Once Seen As ‘Margin Killer’

Penn Entertainment pays $25 million for a sports betting license in the Empire State.
January 30, 2024

I Bet You Think About Me: Taylor Swift a Focal Point in Super Bowl Prop Bets

The pop star is becoming a part of the game’s prop bet market.
Feb 11, 2024; Paradise, Nevada, USA; A general view as the Kansas City Chiefs celebrate after defeating the San Francisco 49ers in overtime in Super Bowl LVIII Allegiant Stadium.
February 13, 2024

Nevada Sets State Record for Super Bowl Bets

State’s gaming control board reported $185.6 million was bet on Chiefs-49ers.
Sponsored

How LivePass is Redefining Ticketing for the Next Generation of Fans

The next wave of ticketing technology.
January 29, 2024

Betting on U.S. Market, FanDuel Makes Much-Anticipated NYSE Debut

Corporate parent of sports betting leader hits the U.S. stock market.
January 24, 2024

The NFL Has Laid Out Its Policy On Players Gambling at the Vegas Super Bowl

What are players—both in the game, and just visiting—allowed to do?
FanDuel
December 8, 2023

FanDuel Parent Sets NYSE Listing Days Before Super Bowl

Flutter Entertainment looks to expand U.S. presence with stock listing.
November 21, 2023

U.S. Sports Betting On Pace To Hit $100B In Wagers

Sports wagering activity accelerating to unprecedented levels.