Virginia sportsbooks record $377.6 million in wagers for July

Virginia sportsbooks handled $377.6 million in wagers in July, marking a 28.6% increase year-over-year, though down from the $415.4 million wagered in June, the Virginia Lottery reported on Friday.

The state's sports betting operators recorded their fourth consecutive month of double-digit hold, achieving a hold of 10% or more five times in 2024. Adjusted Gross Revenue (AGR) for July reached $40.3 million, up from $28.2 million in July 2023, but slightly lower than June's $40.5 million. Players won a total of $331.3 million during the month.

Virginia taxes sportsbook operators at 15%, and in July, they paid $6.1 million in taxes. Of that, $5.9 million was allocated to the state's general fund, while $151,365 was directed toward responsible gambling initiatives.

Digital platforms accounted for $376 million of the total handle, with in-person sportsbooks contributing $1.6 million. Among the state's 14 digital and three retail sportsbooks, 10 reported positive AGR for the month. Major operators, including BetMGM, Caesars Sportsbook, DraftKings, ESPN Bet, Fanatic Sportsbook, and FanDuel, are active in the state.

The microbetting platform Betr remains the only operator in Virginia eligible to deduct promotional spending, as sportsbooks in the state are permitted to do so during their first 12 months of operation. Betr, which launched on September 6, 2023, deducted $7,342 in promotional spending in July. The platform can continue to make these deductions until early September 2024.

Operators also deducted $4.6 million in other expenses in July, according to the report.