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.
More Finance News
Judge Approves Petersburg Ballot Measure
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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