Virginia Sports Betting Update: A Mixed Bag for July
In July, Virginia’s sports betting landscape recorded adjusted gross revenue of $45.6 million. While this figure marked a rise compared to the previous year, it reflected a decline from the preceding month, showcasing the fluctuating nature of the betting market.
According to the Virginia Lottery, the adjusted gross revenue for July was 12.9% higher than the same month last year. However, it represented a drop of 20.1% compared to June, making it the lowest revenue total since August 2024.
Diving deeper into the numbers, approximately $45.1 million of this revenue stemmed from online betting, with retail locations contributing a modest $522,452.
Handle Overview: Spending Insights
Virginia’s total handle for July reached $429.3 million. This marked a 13.7% increase year-over-year but was the lowest monthly figure since August 2024, notably 10.2% lower than in June.
Specifically, online wagering accounted for about $427.2 million, while retail establishments saw a total of $2.1 million in bets placed. The resulting hold for the month was calculated at 10.62%.
Additional insights from the Virginia Lottery revealed that bettors received back $379.8 million in winnings, alongside $3.9 million in unspecified deductions. Tax revenue generated from sports betting for the month reached $6.8 million.
The competitive landscape remains vibrant, with 14 licensed online operators and three retail sportsbooks active in the state as of June. Despite the ups and downs in revenue figures and handle, Virginia’s sports betting market continues to evolve and adapt.