Virginia records July sports betting handle of $162m
Virginia sportsbooks reported July handle of $162m, a 31.1% decline from June and the state’s slowest month since launching sports betting in late January.
The drop in handle follows a national trend of fewer wagers in July, a month that offered limited sports wagering opportunities for casual bettors.
“The NBA Finals and the Olympics, which featured a stark time difference, didn’t particularly move the needle,” said Dann Stupp, an analyst for PlayUSA Network. “The Olympics should do modestly better in August, when high-profile team sports like basketball reached the medal rounds. But in the end, there just isn’t enough to attract widespread betting, which makes a relatively large win key in helping sportsbooks weather the seasonal slowdown.”
Virginia gross gaming revenue amounted to $20m, a modest 9.3% drop from June. Adjusted gross revenue was $12.7m, which netted $1.9m in state taxes.
Sportsbooks recorded a 12.3% hold percentage for the month.
Virginia’s online-only market faced greater competition in July from neighboring Washington D.C. July was the first full month for BetMGM’s sports betting app at Nationals Park, home of MLB’s Washington Nationals.
July was also the second full month for the William Hill sportsbook (rebranded as Caesars) at Capital One Arena, where the NBA’s Washington Wizards and NHL’s Washington Capitals play.
The biggest culprit for Virginia’s low July handle was the calendar. July was the lowest volume month for wagering in both 2018 and 2019 and is expected to carry that crown again in 2021.
“July brings a relatively light sports schedule and summer vacations that typically make it the slowest month in sports betting, and Virginia is not immune from a trend that has affected every major market,” said Eric Ramsey, analyst for PlayUSA Network. “The momentum should change quickly as football draws nearer and casual bettors return home. The next five months should bring significant growth to Virginia’s fledgling sports betting industry.”
Virginia operators are undoubtedly looking forward to the start of college football and NFL season, when several in-state colleges and the nearby Washington Football Team will be in action.
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