Virginia sports betting revenue declined significantly on an annual basis in August whilst comparisons with July also showed weak performance.
Data published by the Virginia Lottery revealed that sportsbooks made adjusted gross revenue of $27.9m, down 11.3% from the $31.4m made in August of 2022.
Handle stood at $319m, which is 12.1% higher than last year, showing that the 2023 hold rate was much stronger. The handle in August was up 8.6% from July as the sporting calendar became more busy than the typically quiet summer period.
The betting activity was mostly comprised of mobile betting, which counted for $315.6m, up 10.9% YoY and 8.5% from July.
Operators held around 8.7% of the handle in August, which represents a decline from the abnormally high 11.8% held in August 2022. Meanwhile, it is also a decline from the 9.5% held in July.
This meant overall revenue declined from the previous comparisons. Revenues of $27.9m represents a dramatic 11.3% decline YoY, whilst a monthly decline of 1.1% was recorded.
Virginia places a 15% tax on AGR, meaning that operators paid out $4.2m in taxes for August. $4.1m will be sent into the General Fund Allocation, whilst $100k will be allotted to the Problem Gambling Treatment and Support Fund Allocation.
The Virginia Lottery does not provide any specific operator information within its data publication.
