Browse articles by topic

VA sports betting revenue drops in July as handle hits low


Sports betting revenue in Virginia slipped 14.8% month-on-month as the state saw its handle fall to the lowest monthly total since the market launched in January.

Adjusted gross revenue for July amounted to $12.7m, down from $14.9m in June and the smallest amount since $11.8m was generated in April.

Handle for the month reached $161.9m, which was 31.1% down from $234.9m and also the lowest amount since $58.9m was wagered in the first month of legal sports wagering in January this year.

Consumers won $141.9m from sports wagering during the month, while the state was able to generate $1.8m in taxes betting.

Virginia has a 15% tax on sports betting activity based on each license-holder’s adjusted gross revenue, which is defined as total bets minus winnings and other authorized deductions.

Of the total tax collected, $1.8m was sent to the state’s General Fund Allocation, while the remaining $46,611 was allocated to the Problem Gambling Treatment and Support Fund.

Seven licensed operators were active in Virginia in July, including Flutter Entertainment-owned FanDuel, in partnership with the Washington Football Team. DraftKings, Rush Street Interactive, Caesars, WynnBet, BetMGM and Kindred Group’s Unibet brand.