The Virginia Lottery has announced that the state’s sports betting handle reached $416.7 million in August, reflecting a 30.6% year-over-year increase. This marks a notable growth for the Old Dominion, which has now crossed $1.75 billion in gross operator sports betting revenue and $200 million in state tax revenue since the post-PASPA era began.
Sportsbook operators in Virginia posted a 9.6% hold for August, resulting in $40.1 million in gross revenue. After deducting promotions, federal excise tax, and operator losses carried over from previous months, the state levied its 15% tax on approximately $35 million in adjusted gross revenue (AGR). This generated $5.2 million in tax revenue for the state.
Compared to last August, gross revenue saw a 24.1% increase. However, it experienced a 10.7% decline from July, attributed to a nearly 2.3 percentage-point drop in the win rate for August. Adjusted revenue was up 25.4% year-over-year but declined 13.3% from July.
The total handle for August also rose 10.3% over the previous month, making Virginia the eighth state to surpass $4 billion in accepted wagers in 2024.
The Virginia Lottery does not provide a breakdown of handle and revenue figures by individual operators in its monthly reports. However, it noted that 10 operators recorded positive AGR for August and were therefore eligible to pay taxes.
Under state law, 97.5% of the taxes collected from sports betting AGR are directed to Virginia’s General Fund, while 2.5% goes to the Problem Gambling Treatment and Support Fund, which is managed by the Virginia Department of Behavioral Health and Developmental Services.
Original article: https://www.yogonet.com/international/noticias/2024/10/02/80617-virginia-sports-betting-handle-reaches-4167-million-in-august
