Sports betting in Virginia: handle reaches $416.7m in August
The sports betting handle was up 30.6 per cent year-on-year.
US.- Virginia’s sports betting handle was $416.7m in August, up 30.6 per cent compared to August 2023, and also 10 per cent ahead July of this year. Mobile wagers reached $414.7m, while bettors wagered $1.9m at retail locations.
Sportsbook operators posted a 9.6 per cent hold for $40.1m in gross revenue. After promotional deductions, federal excise tax and operator loss carryover, the state taxed $35m in adjusted gross revenue.
Gross revenue increased 24.1 per cent compared to last August and declined 10.7 per cent from July since the August win rate was nearly 2.3 percentage points lower. Adjusted revenue was up 25.4 per cent year-over-year and down 13.3 per cent versus July.
Operators paid $5.2m in tax payments. The state does not release data for individual sportsbooks but regulator said that 10 operators had positive AGR for the month.
Of the state tax on sports betting AGR, the statute specifies 97.5 per cent is to be deposited in the state’s General Fund and 2.5 percent is to be deposited into the Problem Gambling Treatment and Support Fund administered by the Virginia Department of Behavioral Health and Developmental Services.
Casino gaming revenue in Virginia
As for casinos, Hard Rock Hotel & Casino Temporary Bristol, Rivers Casino Portsmouth and Caesars Virginia generated gaming revenue of $63.1m in August, up 6.4 per cent compared to July ($59.3m). Slot revenue for the month reached $48.1m, while table games revenue was $14.9m.
