Virginia sports betting handle increases 64% year-on-year

Home » Virginia sports betting handle increases 64% year-on-year

Virginia has released its July 2022 sports wagering handle statistics, which show a 64% increase over the same month last year.
Virginians wagered $266 million through the state’s 14 operators. In July of last year, there were only seven operators in the state.
Thirteen of the 14 licensed operators in the state accept mobile sports wagers.

The state-wide wagering win percentage was 10%, with Virginia bettors winning a total of $239.9 million in July.

HR Bristol also opened a temporary retail sportsbook in the Bristol Mall this month. Hard Rock operates the sportsbook.

Virginia legalized sports betting in January 2021, and the state levies a 15% tax on all sports betting activity.

The total tax for July was $3 million, with $2.9 million going to the Virginia General Fund and $76,507 going to the state’s Problem Gambling Treatment and Support Fund.

Despite a significant increase in revenue over last year, July’s figures are 10% lower than the $295.2m generated in June.

Eight of the state’s 13 casinos made taxable profits during the month.

July’s sportsbook handle continues a four-month decline. According to PlayVirginia analysts, sports betting numbers are expected to rise again over the next seven months.

Sports betting figures are expected to rise slightly in August, with greater gains expected in September, when the football season begins.

In Virginia, January 2022 set a record for sports bets in a single month, generating $485.5 million.