Virginia handle was down from $415.4 in June. The state’s 14 digital and three retail sportsbooks have recorded hold of 10% or more five times in 2024.
According to the report, adjusted gross revenue (AGR) was $40.3m, up compared to last July’s $28.2m, but slightly down from $40.5m in June, when hold was 10.95%. The regulator calculates AGR by subtracting player winnings, bonuses and promotions and certain other deductions from total monthly player wagers. Bettors won a total of $331.3m.
Virginia taxes operators at 15% and the state does not release individual sportsbook or sport data. The regulator did report that 10 operators had positive AGR for the month. All of the major operators, including BetMGM, Caesars Sportsbook, DraftKings, ESPN Bet, Fanatic Sportsbook and FanDuel are live online in Virginia.
Betr nearing end of promo deduction period
Operators in July deducted $7,342 in promotions, and $4.6m in “other deductions.” In Virginia, operators are allowed to deduct promotional spend for the first 12 months they are live. Microbetting platform Betr is currently the only platform that can deduct promotions.
The company launched 6 September 2023, meaning that it will be able to continue to deduct promotions in August and the first week of September. From there, unless another sportsbook launches, there will be no promotional deductions in the state.
Of the total handle, digital platforms accounted for $376m and in-person sportsbooks accounted for $1.6m. In total, sportsbooks paid the state $6.1m, with $5.9m going to the general fund and $151,365 allotted to problem and responsible gambling initiatives.
Original article: https://igamingbusiness.com/sports-betting/virginina-sportsbook-revenue-july-2024/
