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Although Virginia sports betting handle and revenue in June increased from 2022, the numbers were down from May, according to the Virginia Lottery. It’s the first time the handle dropped below $400 million after nine months of topping that figure.
From June 1 until June 30, Virginia online and retail sportsbooks generated:
- Gross Gaming revenue: $325,455,052
- Gross winnings: $292,787,028
- AGR (Adjusted Gross Revenue): $26,434,330
Virginia state law places a 15% tax on sports betting activity based on each permit holder’s adjusted gross revenue (AGR). The number is calculated as total bets minus total winnings and other authorized deductions.
Virginia sports betting numbers decrease in June
According to Virginia lottery data reflecting June, players wagered $325.46 million, also known as the betting handle. The figure shows a 10.2% yearly increase from last June ($295.2 million). However, the number is a 19.4% monthly decrease from the $403.7 million wagered between May 1 and May 31, 2023. June also marks the first time after nine months in a row that the handle went below $400 million.
Throughout June, Virginia players won a total of $292.8 million for a combined 10.04% operators win (hold) percentage. The number is an 8.74% yearly increase from June 2022’s $269.27 million. At the same time, it is a 17.66% monthly decrease from the $355.6 million set in May.
Combined, Virginia sportsbooks and retail casinos generated $26.43 million in AGR. Although the number represents over 103% yearly increase from June 2022, it is still a 37.8% monthly decrease from May’s $42.5 million.
Virginia operators contribute to $3.9 million in tax payments
Twelve out of sixteen operators reported net positive AGR for June. That led to $3.9 million in tax payments for the month. Here’s a bigger scope:
- General Fund Allocation: $3,841,208.48
- Problem Gambling Treatment and Support Fund Allocation: $98,492.53
- Total Tax: $3,939,701.01
Of the state tax on sports betting AGR, the statute requires 97.5% to be deposited in the state’s General Fund. The remaining 2.5% goes toward the Problem Gambling Treatment and Support Fund, administered by the Virginia Department of Behavioral Health and Developmental Services.
