Virginia has reported strong year-over-year monthly growth for its sports betting market.
According to data provided by the Virginia Lottery, the state’s licensed sportsbooks accepted $377.6 million in wagers in July 2024, up from $293.6 million for the same month last year. The Old Dominion saw its 15 licensed operators pay out $332.6 million to bettors last month for an 11.9% hold. By comparison, sportsbooks in Virginia paid out $261.1 million to bettors in July 2023. For that same period, operators combined for an 11% hold.
Virginia, which levies a 15% tax rate on adjusted gross revenue, saw its online sportsbooks combine for $40.1 million in revenue in July 2024 compared to $27.6 million in July 2023.
Operators in Virginia paid $6.1 million in tax payments to the state last month. By comparison, sportsbooks in July 2023 paid the state $4.1 million in tax payments.
Active gaming law in the Old Dominion mandates that 97.5% of tax revenue from sports betting be deposited in the state’s General Fund with the remaining 2.5% being allocated toward the Problem Gambling Treatment and Support Fund. The fund is operated by the Virginia Department of Behavioral Health and Developmental Services. Last month, it received $151,364 in tax payments. Last July, the fund received $102,880.
The Virginia Lottery does not disclose individual operator figures for handle or revenue.
Its mobile operators did report a $7,432 loss from allowable bonuses and promotions in July 2024. By comparison, bonuses and promotions reached a loss of $827,332.
Virginia’s casino market reported slight growth last month with gaming revenue closing at $59.3 million. In July 2023, casinos in the state generated $57.3 million in revenue.
