Virginia's sports wagers increase 13% in August, revenue falls again

According to data released Friday by the Virginia Lottery, bets in the state have reached $182 million in August, which represents a 13% increase from July. 

Virginians won $171 million in August, and the state’s sports betting wagers total more than $1.48 billion since sports betting was legalized in mid-January. Adjusted gross revenue for the month amounted to $8.7 million, the lowest total since the first month of legal sports betting in January this year and 31.5% down from July. Player spending improved 12.7% month-on-month to $182.4 million.

According to the Virginia Lottery, and as reported by VirginiaBusiness.com, the state reaped about $161.9 million in gross revenue from sports betting in July, which was a 31% dip from June revenues. It was consistent with what occurred in other areas in the US. An analysis by PlayVirginia pointed out that “a seasonal slump is normal”. 

The eight licensed operators included in August’s reporting were Betfair Interactive US LLC (FanDuel) in partnership with the Washington Football Team; Crown Virginia Gaming LLC (Draft Kings); BetMGM LLC; Rivers Portsmouth Gaming LLC (Rivers Casino Portsmouth); Caesars Virginia LLC (William Hill); WSI US LLC (Wynn); Unibet Interactive Inc.; and newcomer Penn Sports Interactive LLC.

The state placed a 15% tax on sports betting activity based on each permit holder’s adjusted gross revenue. With four operators reporting net positive adjusted gross revenue, the monthly taxes for August total $1.38 million.