Virginia sports betting handle drops to $295.2m in June

The figure is a decrease of 12 per cent from May but an increase of 25 per cent year-on-year.

US.- The Virginia Lottery has reported a sports betting handle of $295.2m for June, down 12 per cent compared to May but up 25 per cent from June 2021. The 14 sports betting operators licensed in Virginia reported $25.9m in gross revenue, a sharp decrease from May’s $42.5m. Their hold percentage for the month were 8.7 per cent, down from May’s 12.1 per cent but above February’s low of 6.8 per cent.

After discounting promotional credits and other deductions, sportsbooks brought in $13m in adjusted gross revenue (AGR), less than half of May’s $27.5m. Promotional credits totalled $7.8m, 21.4 per cent lower compared to May. Deductions were 2 per cent higher at $5.1m.

Virginia collected close to $1.9m in tax receipts after seven operators reported positive adjusted revenue for the month. That’s less than 50 per cent of May’s take. Since sports betting was legalised in Virginia, the state has collected $35.5m in taxes for its General Fund. A fraction is also sent to the Problem Gambling and Treatment Fund.

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