Virginia Sees Annual Betting Climb Despite July Dip
The Virginia Lottery has published its July sports wagering results, revealing a continued trend of yearly increases but monthly declines.
July's hold of 11.9% makes it the fourth consecutive month of double-digit hold in Virginia.
LISTEN TO THIS ARTICLE:In the month, the state sportsbooks recorded a handle of $377.6million, a 28.6% increase year-on-year. However, the total dropped by 9.1% from June’s $377.6 million.
Operators also reported a hold of over 11.9% in July, making it the fourth consecutive month of double-digit hold in the state.
Furthermore, adjusted gross revenue (AGR) reached $40.3 million in July, a notable increase from the $28.2 million generated in the same month in 2023. However, the figure dipped slightly from $40.5 million in June, when the hold percentage peaked at 10.95%.
Of the total AGR, mobile operators earned $40.2 million, while retail locations accounted for more than $0.2 million. The Virginia Lottery calculates AGR by deducting player winnings, bonuses, promotions, and other specified deductions from the total monthly player wagers. In this case, players collected $331.3 million in winnings.
More Finance News
10 Operators See Positive Results
Although the regulator does not disclose individual sportsbooks or sport-specific data, its latest report revealed that 10 operators achieved a positive AGR for the month. Virginia’s sports betting market features several major betting brands, including FanDuel, DraftKings, ESPN Bet, BetMGM, Caesars Sportsbook and Fanatic Sportsbook.
Virginia levies a 15% tax rate on monthly sports betting revenues operators generate in its jurisdiction. Based on this, the Old Dominion State received $6.1 million in sports betting tax proceeds in July. The bulk of it, nearly $5.9 million, was allocated to the state’s general fund, while the remaining balance was channeled into the problem gambling and treatment fund.
RELATED TOPICS: Finance
Latest News
Responsible Gambling
New Jersey Makes Significant Change to Gambling Self-Exclusion Program
Dec 24, 2024
Most Read
New Jersey Makes Significant Change to Gambling Self-Exclusion Program
Dec 24, 2024Must Read
Interviews
When Helping Others Is a Life-Long Mission - An Interview with Gordon Moody CEO, Monica Shafaq
Dec 17, 2024
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Virginia Sees Annual Betting Climb Despite July Dip