Virginia sports wagering handle reaches $377.6m for July
The state reported year-over-year growth.
The Virginia Lottery has released its monthly sports wagering results for July. Players throughout the state bet nearly $377.6m during the month, which represents an increase in year-over-year activity of almost 29%.
Operators in Virginia reported an 11.9% hold during July, while players statewide walked away with a large portion of the winnings during the month. Bettors took home close to $332.6m in July winnings.
Adjusted gross revenue (AGR) in July reached more than $40.4m. Mobile operators around the state walked away during the month with $40.2m of the overall revenue total, while retail sports betting locations collected more than $0.2m.
According to state law, 15% of all sports betting activity is subject to tax.
The state lottery further outlined a breakdown in where those funds are used by saying, “Of the state tax on sports betting AGR, the statute specifies 97.5% is to be deposited in the state’s General Fund and 2.5% is to be deposited into the Problem Gambling Treatment and Support Fund administered by the Virginia Department of Behavioral Health and Developmental Services.”
During July the state collected $6.1m in taxes on sports betting. Of the total tax collected, close to $5.9m went to the state’s general fund, while the remaining total went to its problem gambling treatment and support fund.
In related news, lawmakers in Petersburg voted in favor of bringing in a new casino to the city earlier this year. Legislation passed in both the House of Delegates and in the Senate.
Virginia lawmakers have attempted to bring additional casinos to the state for the past couple years.
The question of whether Petersburg would welcome a casino has been answered with a resounding no until now. The Senate committee struck down attempts to land a casino in Petersburg during both the 2022 and 2023 legislative session.
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