Virginia Sports Betting Handle Rises to $234.9M for June up 3.5% from May

by Olivia Richardson - Thursday, August 5th, 2021 9:55

Sports Betting Odds

The Virginia Lottery has released its latest sports wagering revenue report showing that the state’s licensed operators posted a sports betting handle of $234,943,435 for the month of June. This marks a 3.5% jump on May’s handle of $226,963,573 and a slight drop on April’s handle of $236,432,523.

The latest revenue figures push Virginia’s overall launch-to-date handle to $1,327,080,647 with revenue from inception now sitting at $49,317,884.

It was a good month for Virginian gamblers with gross winnings rising to $212,937,139 resulting in an operators’ win percentage of 9.37%. Launch-to-date winnings for the state now amount to $1,220,059,751.

$4,983,544 was paid out in bonuses and promotions during the month with other deductions totaling $2,125,855 for the same period. As a result, operators’ adjusted gross revenue (AGR) totaled $14,896,898.

There are 10 licensed sports betting operators in Virginia but only seven are included in the Lottery’s report. These are Betfair Interactive US LLC (FanDuel) in partnership 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.

Despite the a higher handle for the month of June, state taxes dropped from $2,381,115.69 in May to $2,273,995.39 in June. This means that since the launching in January, the Virginia sports betting industry has pulled in $7,831,049.70 in taxes for the state.

Only four operators posted a positive AGR for the month of May resulting in state taxes of $2,381,115.69. To date, the industry has pulled in $5,557,054.31 in taxes for the state. Of all taxes collected, 97.5% ($2,321,587.80) will go directly to the General Fund while the remaining 2.5% ($59,527.89) will go towards the state’s Problem Gambling Treatment and Support Fund.

Olivia Richardson

Olivia has worked as an editor and writer for major brands across multiple niches. She now focuses on the iGaming and sports betting industries.