In the two-plus years Virginia has had legal sports wagering available, the Old Dominion has played itself into top 10 status nationally on a monthly basis and is one of just nine states to have surpassed $8 billion in total handle post-PASPA.
A budget amendment approved last year ended promotional deductions for mobile sportsbooks that had been operating in the state longer than 12 months. It proved a windfall in terms of state tax revenue — after it took effect, the $36.6 million in receipts from July through December accounted for more than 70% of the $51.8 million raised for all of 2022. It also prompted operators to lobby for SB 1142, a bill recently passed by the Senate that would allow mobile sportsbooks to deduct promotional revenue up to 1.75% of their monthly handle.
The Virginia Lottery does not provide handle and revenue by operator when it publishes monthly reports, but it did fulfill monthly state Freedom of Information Act requests filed by covering all of 2022, when more than $4.9 billion was wagered. Some of the Virginia-based trends mirrored national ones, namely FanDuel being a runaway marketplace leader in both handle and revenue.
Other information included monthly reports showing operators steadily progressed zeroing out negative adjusted revenue over multiple months. That process accelerated for some operators once the budget amendment took effect. Some operators that entered the state in 2022 went back and forth, carrying over negative totals some months and directly paying taxes other months. Some operators paid zero state taxes in 2022, in some cases carrying negative adjusted revenue as far back as at least October 2021.
FanDuel’s domain extends into Old Dominion
| Operator | 2022 Handle | 2022 Handle Market Share | 2022 Gross Revenue | 2022 Win Rate |
|---|---|---|---|---|
| FanDuel | $2,023,465,538 | 41.17% | $241,158,407 | 11.92% |
| DraftKings | $1,141,237,112 | 23.22% | $98,028,347 | 8.59% |
| BetMGM | $889,415,773 | 18.10% | $89,932,072 | 10.11% |
| Caesars Sportsbook | $377,044,708 | 7.67% | $22,944,202 | 6.09% |
| Barstool Sportsbook | $196,970,089 | 4.01% | $10,934,076 | 5.55% |
| PointsBet | $121,682,335 | 2.48% | $7,963,177 | 6.54% |
| OVERALL STATE TOTALS | $4,914,954,449 | $481,234,505 | 9.79% |