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Virginia Sportsbooks Post Positive July As NFL Season Nears

Written By Nicholaus Garcia on September 5, 2023
Kansas City Chiefs Defensive Tackle Chris Jones with Virginia sports betting July 2023

With the NFL season ready to kick off on Thursday, Virginia sports betting hopes July is the summer’s final slow month. 

Virginia sportsbooks generated over $293 million in sports betting handle in July, down from the $325 million gambled in June. However, even though the betting handle was down, adjusted gross revenue (AGR) was up. 

For the month, all operators in Virginia combined for over $28 million in AGR, up from the $26.4 million generated in June. 

Virginia sports betting is ready for football season

On a positive note, the latest report from the Virginia lottery shows the sports betting handle of $293 million was about 10% higher than the $266 million wagered in July 2022.

The defending Super Bowl Champion Kansas City Chiefs host the Detroit Lions Thursday night kicking off the NFL betting season. As with other legal jurisdictions across the US, Virginia is sure to have several profitable months to end the year.

The following figures represent sports betting activity in Virginia from July 1 to July 31, 2023:

  • Gross Gaming Revenue (handle): $293.6 million
  • Gross Winnings: $261.1 million
  • AGR (Adjusted Gross Revenue): $28.2 million

June sports betting numbers:

  • Gross Gaming Revenue (handle): $325,455,052
  • Gross winnings: $292,787,028
  • AGR (Adjusted Gross Revenue): $26,434,330

Sports betting operators generate over $4 million in Virginia tax revenue

Per sports betting law, operators are taxed 15% of total AGR. For the month, tax revenue was 4.3% higher compared to June and 25.6% higher than in July 2022.

According to the Virginia Lottery’s July report, 12 operators showed a net positive AGR, leading to $4.1 million in tax payments. The other four operators in the red did not contribute to July tax dollars. 

July sports betting tax revenue:

  • General Fund Allocation: $4 million
  • Problem Gambling Fund: $102,880.45
  • Total Tax: $4.1 million

Tax revenue is split between the state general fund (97.5%) and the Problem Gambling Treatment and Support Fund Allocation (2.5%).

June sports betting tax revenue:

  • General Fund Allocation: $3,841,208.48
  • Problem Gambling Treatment and Support Fund Allocation: $98,492.53
  • Total Tax: $3,939,701.01

So far, Virginia sports betting has generated over $38.5 million in tax revenue for 2023. 

Photo by Reed Hoffmann, Archive / AP Photo; illustrated by PlayUSA
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Nicholaus Garcia

Nick Garcia is a senior reporter for PlayUSA. Garcia provides analysis and in-depth coverage of the gambling industry with a key focus on online casinos, sports betting and financial markets. Garcia has been covering the US gambling market since 2017. He attended Texas Tech University as an undergrad and received a Master of Arts in Journalism from Columbia College Chicago.

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