The latest monthly revenue report from the Virginia Lottery has revealed that the state’s licensed sports betting operators reported that Virginians wagered $161.9 million during the month of July. This marks a 31% drop on June’s sports betting handle of $234.9 million.
Gamblers in the state won a total of $141.9 million giving the state’s operators a combined win percentage of 12.33%. This means that since sports betting launched in January, Virginians have won a total of $1.36 billion from wagers totaling $1.48 billion.
The latest report includes revenues from seven licensed operators. Theses were Betfair Interactive US LLC (FanDuel) partnered with the Washington Football Team, Crown Virginia Gaming LLC (Draft Kings), BetMGM LLC, Rivers Portsmouth Gaming LLC (Rivers Casino Portsmouth), Caesars Virginia LLC, WSI US, LLC (Wynn), and Unibet Interactive, Inc.
Promotions and bonuses amounted to $4.4 million while other deductions totaled $2.9 million resulting in combined adjusted gross revenue (AGR) of $12.69 million. This brings the year-to-date AGR of all operators to $62 million.
Virginia places a 15% tax on a sports betting operator’s AGR. Taxes collected for the month of July totaled $1.9 million bringing the state’s earnings from sports betting taxes to $9.7 million since the industry launched in January 2021.
Image credit: Baishampayan Ghose / CC BY-SA 2.0