The Virginia Lottery reported sports wagering handle of nearly $513.2 million for January on Wednesday, the fourth consecutive month the Old Dominion crossed the half-billion dollar threshold.
It was the third-largest handle in 25 months of wagering in Virginia, trailing only the $528 million last October and $518.8 million the following month. January’s handle was 2% higher than December’s $503.1 million and a 5.7% improvement on the $485.5 million in accepted wagers to start 2022.
Operators cooled off slightly, combining for a statewide hold just shy of 9.7% to claim $49.7 million in gross revenue. It was just the second time in six months the hold slipped below double digits, but the statewide win rate on gross revenue in Virginia has been 9% or higher in nine of the last 10 months.
Gross revenue was down 1.9% from December but also up 27.3% compared to the same period last year. After deductions and promotional spend, the state could levy its 15% tax on $42.1 million in adjusted gross revenue. That was a decline of 10.4% versus December but more than double the $18.2 million from January 2022, as the percentage of taxable revenue surged from 46.7% last year to 84.7% this year.