Virginia sports betting handle rises 26% to $520.3m
Adjusted gross revenue reached $45.6m and seven operators reported net positive revenues as well.
The Virginia Lottery has released its sports wagering figures for the month of September, reaching adjusted gross revenue (AGR) of $45.6m, down 5.7% year-on-year. State handle, however, increased 26% annually to $520.3m.
Mobile operators accounted for $44.8m of total AGR and $514.7m of the total handle. Retail sports betting brought in $834,675 in revenue and generated $5.6m in handle.
Seven sports betting operators posted net positive AGR for September 2023, while nine posted positive results in September 2022. This means that tax payments from operators reduced from $7.3m to $7m year-on-year.
Sports betting is taxed in Virginia at 15%. Tax payments are also allocated to the Problem Gambling Treatment and Support Fund, which received $176,013 (or 2.5% of the total taxes) as a result. The general fund received $6.9m this September.
Bettors in Virginia won a total of $466.2m, up 30.4% from September 2022’s bettor winnings. This makes operators’ win percentage a combined 10.39%.
Churchill Downs also opened a new gaming venue this September in the state which offers 150 historical horseracing machines, as well as donated $25,000 to local nonprofit organizations.
The Virginia Lottery also published the state’s total casino AGR, $51.9m, for the month of September 2023 in an earlier report.
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