Virginia’s sports betting market continued its growth trajectory in August, with a 12.1 percent year-on-year increase in the total betting handle, reaching $319 million. While the adjusted gross revenue (AGR) experienced a slight decrease of 11.3 percent compared to August 2022, mobile sports betting remained the primary revenue driver, contributing significantly to the state’s sports wagering industry.
Betting Activity and Revenue Breakdown:
Virginia’s sports betting handle for August stood at an impressive $319 million, demonstrating a robust 12.1 percent year-on-year growth.
Despite a modest decline, the AGR reached $27.9 million, reflecting the continued profitability of the state’s sports betting market.
Mobile sports betting was the dominant revenue source, accounting for $27.5 million in AGR, while casino retail sports wagering activities generated $410,354. It’s worth noting that Virginia’s three casinos did not offer retail sports betting in August 2022.
Tax Contributions and Permit Holders:
Virginia imposes a 15 percent tax on sports betting revenue, with 16 approved sports wagering permit holders operating in the state.
Eleven of these operators reported net positive AGR, resulting in $4.2 million in tax payments for the month. This tax revenue supports various public initiatives and services in Virginia.
Casino Gaming in Virginia:
In addition to sports betting, casino gaming has gained a foothold in Virginia, with approvals in five cities, including Bristol, Portsmouth, and Danville, where casinos are operational.
Proposals for casinos in Norfolk, Richmond, and Reston are also in progress, indicating the state’s evolving gaming landscape.
Churchill Downs’ Rosie’s Gaming Emporium in Emporia:
Churchill Downs Incorporated (CDI) recently opened a Rosie’s Gaming Emporium in Emporia, Virginia. The facility offers 150 Historical Racing Machines, simulcast horse racing, a restaurant, and a bar.
The opening of Rosie’s Gaming Emporium in Emporia is expected to create over 100 full and part-time jobs and generate approximately $1 million in annual tax revenue for the city.
CDI marked the occasion with a $25,000 donation to five local charities, reinforcing its commitment to community support.
Virginia’s sports betting industry continues to thrive, with a notable increase in the betting handle in August. While the AGR experienced a slight dip, mobile sports betting remains the key revenue driver. The state’s diverse gaming landscape, including casino gaming, is also contributing to its economic growth and providing entertainment options for residents and visitors alike.