Virginia Sees Notable Year-on-Year Increase in Sports Betting Activity
In June, Virginia experienced a significant surge in both sports betting revenue and overall handle, contributing positively to the state’s tax revenues.
The total amount wagered by players in June reached approximately $477.8 million, reflecting a 15% increase compared to June 2024, although it still fell short by 19.7% compared to May of this year, when $595 million was placed in bets.
A substantial portion of this spending, about $472.8 million, originated from online betting platforms, while retail sportsbooks accounted for a modest $5.1 million.
Players received $417.1 million in payouts, but $3.7 million was deducted from the total as undisclosed fees. This led to an adjusted gross revenue of $57.1 million, marking a 41% rise year-on-year, despite a decline of 15.9% from May.
Online betting alone generated $57.4 million in revenue; however, the total market revenue was dampened by a loss of $327,616 from retail wagering. Consequently, Virginia’s monthly hold stood at 11.95%.
Tax Revenues Exceed $8.7 Million
From a tax perspective, Virginia’s regulated sports betting produced $8.7 million for the state, up from $6.2 million in the same month last year. Of this total, $8.5 million was allocated to the General Fund, while the remaining $216,860 was directed to the Problem Gambling Treatment and Support Fund.
In June, there were 14 licensed online operators actively participating in Virginia’s sports betting market, alongside three retail sportsbooks located in brick-and-mortar casinos. This dynamic landscape highlights the growing popularity of sports betting in the state, paving the way for increased fiscal contributions and support for responsible gambling initiatives.