Virginia Sportsbooks

  • Virginia sports betting handle dropped 32% from June to July.
  • Sportsbook revenue profit saw a 15% decline from June to July.
  • July had a hold percentage of 12.3% for the VA sports gaming market.

RICHMOND, Va. – Virginia sportsbooks handled $75 million less in July than they did in June and yet only made just over $2 million less in total revenue.

A Win For Virginia Sportsbooks And The Commonwealth

Virginia sportsbooks have had handles over $200 million every month for five months in a row. That is until July when the monthly handle dropped from $234 million all the way down to $161 million.

In spite of this massive 32% drop in funds being from sports betting activity, sportsbooks in Virginia only made roughly $2 million less in their total revenue profits.

This is because they had an abnormally high hold percentage of 12.3%.

The Commonwealth benefited from the sportsbooks’ success as well.

Over $1.8 million of the July sports betting revenue went to taxes, making July the third most profitable month for the Virginia state government on record since sports betting operations launched in January.

Sports Bettors Losing Money

After accounting for all of the adjustments and deductions, Virginia sportsbooks walked away with $14.9 million in revenue in July.

Although VA has only had regulated sports betting for seven months, three of those months broke $20 million in revenue, with two more making well over $19 million.

This means that while Virginia residents placed fewer bets in July than they did in June, they also lost a lot more of their wagers in July as well.

News tags: |