Virginia Sports Betting Market Sees Yearly Boost in June
The Virginia Lottery has published its sports betting data for June, revealing a notable growth in wagering activity and revenue.
Aerial view of Richmond, Virginia. The state's betting AGR reached $40.5m in June. (Source: The Travelling Photo Experiment, Pexels)
LISTEN TO THIS ARTICLE:In the month, the total handle in the Old Dominion State reached $415.4 million, a 27.6% rise from the $325.5 million recorded in June 2023.
Online betting generated 99.4% of the total wagers at $413 million, while retail bets contributed just $2.4 million. Bettors collectively won $370 million, indicating a hold of 10.95% for Virginia mobile operators in June. This marks the third straight month of double-digit hold for the sportsbooks.
Virginia's sports betting market also saw a significant 53.4% increase in adjusted gross revenue (AGR) in June. Operators collectively reported an AGR of $40.5 million, compared to $21.6 million last June.
Expectedly, online bets accounted for the highest AGR, at $40.2 million, while retail wagering at land-based casinos recorded $230,230.
The Virginia Lottery's monthly sports betting reports do not usually include individual operators or sports performances. However, the regulator noted that 10 out of the 14 operators reported a positive AGR for June. The state's licensed operators include leading brands like FanDuel, DraftKings, BetMGM, Caesars and Penn Entertainment.
Virginia collected $6.2 million in sports betting taxes in June, an increase of 59% year-on-year. The state charges operators a 15% tax rate on their monthly AGR.
97.5% of the taxes the state receives from sports betting are allocated to the state's General Fund, which amounted to $6.1 million in June. The remaining 2.5% goes toward supporting problem gambling treatment and initiatives.
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While the Virginia sports betting scene is thriving, there are also recent active developments in the casino industry.
Last month, the Petersburg City Council approved a resolution requesting the Petersburg Circuit Court authorize a referendum on bringing casino gaming to the city.
Maryland casino developer Cordish Companies is teaming up with Virginia's Bruce Smith Enterprise to build a casino, hotel and entertainment complex near Wagner Road in southern Petersburg for nearly $600 million. If voters approve the project, they hope to have a temporary casino up and running by the end of next year.
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