The Virginia Lottery reported $50 million in gross sports betting revenue for February on Monday, the third straight month operators reached that benchmark.
The $545.1 million handle for February represented a 25.6% increase compared to 12 months prior. All but $4.9 million of that amount came via sports betting apps as Virginia‘s three retail casinos had a 6.6% hold and claimed $325,100 in winnings.
Gross revenue was up 25.8% as the 9.2% hold was practically flat from 2023. Handle was down 16.5% from the record $652.9 million in January, while revenue plunged 32.1% as this month’s hold was more than 2.2 percentage points lower.
Year-over-year adjusted gross revenue, however, was 56.6% higher at $44.5 million. That allowed the state to collect $6.3 million in tax receipts for February. The $16.3 million in tax revenue for the first two months of 2024 is already $5.2 million ahead of last year’s pace.
