Virginia sports betting handle rises 64% YoY to $266M in July, but drops 10% from June amid four-month dip

The Virginia Lottery announced Thursday its report on sports wagering activity for the month of July 2022, showing a betting handle of $266 million through 14 licensed operators, 64% higher than last year when only seven were active. Virginia bettors won a total of $239 million for a combined 9.78% operator win percentage. 

The total tax for the month reached $3 million, with $2.9 million being allocated to Virginia’s General Fund, as a result of the 15% tax rate placed by the state on all sports betting activity. $76,507 is going to the state’s Problem Gambling Treatment and Support Fund. 

Despite revenue being up significantly from last year, July’s numbers have dropped 10% from the $295.2 million generated in June. Additionally, only of the state’s 13 operators reached the end of the month with taxable profits. 

July continues a four-month dip in Virginia’s sportsbook handle. However, the numbers are expected to rise over the next seven months, according to analysts for PlayVirginia. It is foreseen that sports betting figures will rise slightly in August’s report, with greater gains coming in September at the start of the football season. Thus far, January 2022 still holds the record for sports bets in a single month in the state, when sportsbooks generated $485.5 million in handle. 

During the month of July, 13 licensed operators accepted mobile sports wagers. In addition to online operations, Hard Rock's new Bristol launched its retail sportsbook during that 31-day period. Hard Rock is currently operating "Bristol Casino - Future Home of Hard Rock," a temporary venue launched ahead of the full opening of Hard Rock Bristol, set for 2024.

About $5.9 billion has been wagered in Virginia since sports gambling began in January 2021.