Virginia sports betting operators aligned with the national trend of high July win rates.
Online and retail sportsbooks ran their streak of double-digit holds to four consecutive months and enjoyed a 38.5% year-over-year revenue increase in July.
The Virginia Lottery announced a monthly handle of $377.6 million, up 28.6% from July 2023. However, it marked the lowest amount wagered and first under $400 million since the $319 million handle in August 2023.
Gross revenue reached nearly $45 million in July while the 11.9% hold was up slightly from June’s 11% while the handle decreased 9.1% month-over-month.
With MLB and the Olympics driving sports betting across the country in July, Virginia operators hauled in adjusted revenue of $40.4 million, less than $100,000 short of June’s profits.
Ten operators reported net gains while allowable bonuses and promotions were down about $3,000 from the previous month. Deductions fell more than $410,000 compared to June.
Online sports betting accounted for 99.6% of the total amount wagered in July and all but $218,364 of all adjusted revenue, which was generated by three retail sportsbooks.
| Online | Retail | |
|---|---|---|
| Sports betting handle | $376 million | $1.6 million |
| Adjusted gross revenue | $40.2 million | $218,364 |
Racking up tax revenue
Virginia’s 15% tax rate on sports betting operators filled the Commonwealth’s coffers with $6.1 million, about $100,000 less than the previous month. July’s operator payout put Virginia’s year-to-date tax haul over $50 million.
State law requires that 97.5% of Virginia sports betting tax revenue be deposited in the General Fund with the other 2.5% allocated to the Problem Gambling Treatment and Support Fund.
The amount wagered in 2024 surpassed $3.5 billion while gross revenue is closing in on $400 million for the year.
Casino profits roughly repeat
Virginia’s three land-based casinos produced $59.3 million in revenue for July, down slightly from the $59.5 million generated in June.
Rivers Casino Portsmouth led the way with a combined $25.7 million in profits from table games and slots, which made up $18.3 million of the gaming revenue. Caesars Virginia produced $18.8 million in revenue while HR Bristol brought in $14.8 million.
Old Domino’s Gaming Proceeds Fund added $10.7 million in tax revenue for July, the same as June.
