Virginia sports betting handle increases 64% year-on-year
Virginia has released its sports wagering handle statistics for July 2022, rising 64% from the same month last year.
Virginians wagered $266m through the 14 operators active in the state. There were only seven operators active in the state in July last year.
Of the 14 licensed operators active in the state, 13 accept mobile sports wagers.
The state-wide win percentage on wagers was 10%, with Virginian bettors winning a total of $239.9m for July.
The month also saw HR Bristol launch its retail sportsbook, a temporary location at the Bristol Mall. The sportsbook is operated by Hard Rock.
Sports wagering began in Virginia during the month of January 2021, and the state places a 15% tax rate on all sports betting activity.
Total tax for July reached $3m, with $2.9m being allocated to Virginia’s General Fund, and $76,507 going to the state’s Problem Gambling Treatment and Support Fund.
Despite revenue being up significantly from last year, July’s figures are down 10% on the $295.2m generated in June.
Eight of the state’s 13 casinos finished the month with taxable profits.
July continues a four-month dip in Virginia’s sportsbook handle. However, sports betting numbers are expected to rise once more over the next seven months, according to PlayVirginia analysts.
Analysts expect sports betting figures to rise slightly in August, with greater gains coming in September at the start of the football season.
January 2022 holds the record for sports bets in a single month in Virginia, generating $485.5m for a single month.
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