Wagering up 64% YoY in July as Virginia sports betting results revealed

Virginia Lottery reveals July Virginia sports betting results
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The Virginia Lottery has shared the Virginia sports betting results for the month of July 2022, with sportsbooks in the state witnessing a 64% increase in wagering.

There was a significant change from July 2021 in that the number of active operators doubled in July 2022, from seven to 14.

This, in turn, saw Virginians wager $266m and win a total of $240m for a combined operator hold of 9.8%, which represents a slight increase from the 8.8% hold in June 2022.

13 licensed operators accepted mobile sports wagers in July, while HR Bristol launched its retail sports book.

In July 2022, $3.1m was paid in tax by the 14 operators, with eight operators reporting net positive AGR in July.

Under state law, a 15% tax is placed on sports betting activity based on each permit holder’s AGR. Operators are permitted to deduct certain customer acquisition costs from AGR.

97.5% of the state tax on sports betting AGR is deposited in the state’s General Fund and 2.5% is deposited into the Problem Gambling Treatment and Support Fund administered by the Virginia Department of Behavioural Health.

The majority of the July tax ($3m) was paid to the General Fund, while $76,509.59 went to the Problem Gambling Treatment and Support Fund.