【Bet365】-Virginia Sports Betting Hold Rises to 11.1% in February 2025

• Virginia’s February handle rose 2.2% to $556.8 million, with an 11.12% hold rate.
• Online sportsbooks dominated with 99.3% of wagers, leaving retail at 0.7%.
• Sports betting generated $9.3 million in taxes, funding the General Fund and treatment programs.

The Virginia sports betting market posted an impressive 11.12% hold rate for February, its highest recorded posting since September 2022. Its overall handle and revenue also experienced year-over-year growth, marking a remarkable year of growth.

Once again, online sportsbooks brought in the most wagers, at 99.3%, showing that Virginia’s sports bettors continue to favor the convenience of mobile betting. Overall, sports betting brought in $556.8 million,which is 2.2% more than February 2024. While it is also 24.4% below January’s $735.9 million record, it is still a strong showing.

Market performance & hold rates

For sports bettors and sportsbooks in Virginia, February was a particularly eventful month, thanks to the NFL playoffs Super Bowl driving a surge of betting activities. While $556.8 million is not an spectacular result, it does represent a modest return. Bettors claimed up to $490 million in winnings, leaving $61.9 million in adjusted gross revenue. That figure surpasses the $44.5 million registered for last year’s February by 39.3% while also falling 23.6% below January’s $80.99 million posting.

When considering the year-over-year growth, it is important to note that this year’s February had one less day than that of 2024, given that it was a leap year. This simply means that Virginia earned more this February than it did last February despite having one day less.

While the difference wasn’t massive, the increased hold and revenue from last year suggest that the market has experienced steady growth since last time.

With the national average currently set around the 8% mark, the resulting 11.12% hold rate is a decent return. The state’s online sportsbooks recorded an 11.16% hold on $553 million, leaving retail outlets to manage a 5.41% hold on $3.8 million. This further underscores Virginia’s strong pricing power and busy sports betting market.

The major players and their tax contributions 

Since opening its doors to business, Virginia’s regulated sports betting market has welcomed 14 online operators whose activities have contributed largely to its growth. These operators include industry leaders like FanDuel, DraftKings, BetMGM, and Caesars, alongside three land‑based venues.

With a total handle of 99.3% for February, online betting dominates the state’s sports betting scene, helped by its convenience and mobile access. Retail sportsbooks, which continue to serve as the more traditional alternative, completed the overall handle with a 0.7% wagering contribution. Together, these operators have become an important source of tax revenue for the state.

For February, Virginia’s sports betting activities brought in $9.3 million in tax revenue from its total handle. The General Fund received $9.1 million of this money to back public services like education and infrastructure. Similarly, the Problem Gambling Treatment and Support Fund received $232,599 from this tax revenue.

It is a dual-allocation model that the state has maintained to balance economic benefits with social responsibility. Since becoming legal, Virginia’s sports betting market has contributed an impressive $200 million to the state’s coffers.

Navigating seasonality and future growth

In Virginia, the peak sports betting season typically falls around the same time as fall and winter, during which time the NFL and college football are in action. With the Super Bowl playoffs playing out in January, it was no surprise that it managed to record the biggest sports betting numbers.

For Virginia, February’s hold is proof of the market’s resilience in the face of typically lower betting volumes. Other than the one-day surge occasioned by the Super Bowl finals, February is more of a cooling-off period for the sports betting market andall Virginia sportsbooksthan a peak period. 

Conclusion – Building on momentum

With February’s strong hold and year-over-year revenue gains, Virginia’s sports betting market has proven that it is on the right track. Despite the headwinds brought about by seasonal dips and retail challenges, digital-based betting continues to grow stronger. While at it, the industry has continued to provide a steady stream of tax revenue that has proven particularly helpful in supporting public services.

Virginia’s sports betting industry has been in quite a strong run in recent times, marking an overall assured growth in operation and output. If February’s postings are anything to go by, then we’re going to see more promising performances from players and operators in the coming months.