Virginia Sports Betting Saw a 53.4% Revenue Surge in June
In June 2024, Virginia’s sports betting adjusted gross revenue (AGR) saw a 53.4% increase year-on-year, reaching $40.5 million. The surge was primarily driven by a 27.6% increase in the betting handle.
Predominance of Online Betting
Nearly all of the AGR, about $40.2 million, was generated from online wagering, with retail betting at land-based casinos contributing a modest $230,230.
AGR is calculated by subtracting player winnings, bonuses, promotions, and other specific deductions from the total monthly wagers. In June, bettors in Virginia won a total of $370 million.
Virginia bettors placed a total of $415.4 million in bets, a 27.6% increase from $325.5 million in June of the previous year.
Mobile betting was particularly dominant, accounting for 99.4% of the total handle at $413 million, while retail sportsbooks saw $2.4 million in bets.
The hold for mobile operators was 10.95%, marking the third consecutive month with a double-digit hold percentage.
Operator Performance and Tax Revenue
While the Virginia Lottery does not disclose individual operator data, it noted that 10 of the 14 approved operators reported positive AGR in June.
Key licensed operators in the state include FanDuel, DraftKings, BetMGM, Rivers, Caesars, and Penn Interactive.
The state collected $6.2 million in taxes from sports betting in June, a 59% increase from the same month last year. The state imposes a 15% tax on AGR. Of the total taxes collected, 97.5% is allocated to the state’s General Fund, amounting to $6.1 million for June. The remaining 2.5% is directed to the Problem Gambling Treatment and Support Fund.
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