Virginia sports betting handle falls in July; tax bill climbs amid promotional reform

Virginia sports betting handle falls in July; tax bill climbs amid promotional reform

Article brief provided by Covers
  • Ethan Matthew, Covers
September 1, 2022 9:42 PM
  • Ethan Matthew, Covers

The Virginia Lottery released the July numbers on Thursday, with bettors pocketing $239.9 million in winnings from sports betting in Virginia, a drop from the $295.2 in payouts compared to June.

Story continues below

Legal sports betting operators reported $26 million in gross revenue, which is almost identical to June’s $25.9 million in winnings as the overall hold percentage jumped from 8.7% in June to 9.8% in July – but the handle dropped month-over-month from $295 million to $266 million.

While the number of online sports betting operators in the state remained at 13, there was an increase in the number of profitable sportsbooks: eight of Virginia’s 13 operators made money in July.

Despite the drop in handle, the tax bill jumped to $3 million, compared to just $1.8 million in June.