The latest sports betting monthly revenue report from the Virginia Lottery has revealed that local sportsbooks accepted $284.6 million in wagers during the month of August.
Revenue grew by $10 million month-on-month
The latest figures mark an increase of almost 7% on the $266 million reported in the previous month and a 56% increase year-on-year. However, the report notes that in August of 2021 only eight sports betting operators were active compared to the 15 approved operators in August 2022 with 13 of those active during the reporting period.
Local sports fans won a total of $247.6 million giving sports betting operators a combined win percentage of 12.99%. This is the highest win percentage recorded by operators since the launch of legal sports betting in Virginia. August’s winnings brings the total won by gamblers to over $5.2 billion since sports betting launched in January of 2021.
Bonuses and promotions for the month totaled $1.1 million while other deductions came to $4.3 million. This resulted in combined adjusted gross revenue (AGR) of $31.4 million, a jump of $10 million month-on-month.
Nine of the 13 active sports betting operators reported a positive AGR for the month of August. This resulted in state taxes of $4.4 million, a 49% increase on the amount collected in July.
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.