In July 2023, Virginia’s sports betting market showcased robust growth with a handle of $263.6 million, marking a significant 10.4% year-on-year increase. While the figures dipped compared to the preceding month’s record-breaking performance of $325.4 million, the data illustrates the resilience and popularity of sports wagering in the state. This report delves into the key statistics, breaking down the contributions of mobile operators, retail sportsbooks, and the subsequent financial impact on licensed operators and the state’s revenue.
Handle Breakdown and Operator Dominance
July’s sports betting handle in Virginia reached $263.6 million, signifying a double-digit surge from the same period in 2022. Notably, mobile operators claimed a staggering 99% share of the total bets, underlining the continued dominance of online platforms in the state’s sports wagering landscape. Meanwhile, retail sportsbooks contributed $2.6 million to the overall handle, highlighting the contrasting preferences of bettors in terms of wagering channels.
Bettor Winnings and Adjusted Gross Revenues
Bettors in Virginia celebrated winnings totaling $240 million, showcasing the dynamic and engaging nature of sports wagering in the state. Simultaneously, the adjusted gross revenues for licensed operators witnessed a notable increase, reaching $28.2 million – a $1.8 million rise from the previous month. This financial metric not only reflects the industry’s stability but also hints at the profitability and sustainability of Virginia’s sports betting market.
Tax Contributions and Allocation
The state’s tax revenue from sports betting amounted to $4.1 million, emphasizing the financial benefits that the industry brings to Virginia. Of this total, 97.5% is directed to the state’s General Fund, contributing to essential public services and initiatives. The remaining 2.5% is allocated to the Problem Gambling Treatment and Support Fund, administered by the Virginia Department of Behavioral Health and Developmental Services, emphasizing the commitment to responsible gambling practices.
Overall Gaming Revenue Landscape
Beyond sports betting, the broader gaming industry in Virginia also flourished in July 2023, recording total revenue of $57.3 million. This represents a commendable 10% increase compared to June’s figures of $52.1 million. The breakdown reveals that slots generated $41.2 million, while table games contributed $16 million to the overall gaming revenue. The financial contributions from prominent establishments like Hard Rock Hotel & Casino Temporary Bristol, Rivers Casino Portsmouth, and Caesars Virginia, which paid a combined $10.3 million in taxes to the Gaming Proceeds Fund, further underline the positive economic impact of the gaming sector in Virginia.
Virginia’s sports betting market continues to impress with its steady growth and financial contributions to the state’s coffers. The data from July 2023 not only highlights the popularity of online platforms but also underscores the balanced allocation of tax revenues for both general funding and responsible gambling support. As the industry thrives, Virginia’s gaming landscape remains a dynamic and integral part of the state’s economic success.