• About Us / Contact
  • Responsible Gambling
This site contains commercial content
SportsHandle
  • US Sports Betting
    • Arizona
    • Arkansas
    • Colorado
    • Connecticut
    • Delaware
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Mississippi
    • New Jersey
    • New Mexico
    • New York
    • Ohio
    • Oregon
    • Pennsylvania
    • Tennessee
    • Vermont
    • Virginia
    • West Virginia
    • Wyoming
  • Pending States
    • California
    • Florida
    • Georgia
    • Missouri
    • North Carolina
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbook Apps
    • FanDuel
    • BetMGM
    • Caesars
    • PointsBet
    • BetRivers
  • Tools
    • Sportsbook Bonuses Explained
    • Sports Betting Revenue Tracker
    • Sports Betting Podcasts
    • Partnership Tracker
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
  • News
No Result
View All Result
SportsHandle
  • US Sports Betting
    • Arizona
    • Arkansas
    • Colorado
    • Connecticut
    • Delaware
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Mississippi
    • New Jersey
    • New Mexico
    • New York
    • Ohio
    • Oregon
    • Pennsylvania
    • Tennessee
    • Vermont
    • Virginia
    • West Virginia
    • Wyoming
  • Pending States
    • California
    • Florida
    • Georgia
    • Missouri
    • North Carolina
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbook Apps
    • FanDuel
    • BetMGM
    • Caesars
    • PointsBet
    • BetRivers
  • Tools
    • Sportsbook Bonuses Explained
    • Sports Betting Revenue Tracker
    • Sports Betting Podcasts
    • Partnership Tracker
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
  • News
No Result
View All Result
SportsHandle
No Result
View All Result

Virginia Sportsbooks Enjoy Strong July While Promo Play Plummets

State able to levy taxes on more than 70% of revenue for first time since launch

Chris Altruda by Chris Altruda
September 1, 2022
in Industry
Virginia July 2022 revenue report

Shutterstock

Share on FacebookShare on Twitter

The Virginia Lottery reported sports wagering handle totaling $266 million for the month of July, but the bigger news involved the state being able to tax the largest percentage of operator revenue since the state began accepting bets in January 2021.

The adjusted revenue of the state’s 13 mobile operators and one retail sportsbook totaled $21.4 million, which was 82.2% of the $26 million in gross revenue (the house enjoyed a robust 9.8% overall hold for the month).

The state budget that passed in June included a legislative change that prohibited operators β€œfrom excluding bonuses or promotions used to encourage betting from their adjusted gross revenue 12 months after they begin sports betting activity in Virginia.” The first full month of reporting since then showed a dramatic decline in promotional credits and bonus play as those established sportsbooks could no longer write off such action, and it totaled less than $400,000 in July. The previous low was just shy of $4.4 million, in July 2021. The majority of deductions this month came from adjustments, totaling $4.2 million.

July’s report marked the first time since launch that adjusted revenue accounted for at least 70% of the gross revenue, with the previous high 67.7% in June 2021. Adjusted revenue topped 60% just once in the first six months of this year, peaking at 64.7% in May.

The decline in deductions led to a notable increase in tax receipts for the state, which topped $3 million and were 63.4% higher than June’s total of nearly $1.9 million. Eight operators were eligible to be taxed in July. Virginia has collected $18.3 million in taxes through the first seven months of the year, $8.6 million ahead of last year’s pace.

Year-over-year numbers show plenty of growth

Running Top 10 July #SportsBetting handles by state:

1 New York $800.75M
2 New Jersey $531.89M
3 Nevada $419.15M
4 Pennsylvania $336.51M
5 VIRGINIA $266M <-NEW
6 COLORADO $258.4M <-NEW
7 Michigan $224.97M
8 Indiana $206.63M
9 Tennessee $182.77M
10 Louisiana $118.33M

— Chris Altruda (@AlTruda73) September 1, 2022

Though the $266 million handle represented a 9.9% decline from June, it was also 64.3% higher than July 2021. Gross gaming revenue inched 0.2% higher from the previous month. The win rate was nearly one full percentage point higher, but the rule change regarding promotions sent adjusted revenue soaring 64.8% higher month-over-month and 68.6% higher compared to July of last year.

Sign Up For The Sports Handle Newsletter!
I also want to receive information and offers about online sportsbooks (eg. odds boost, welcome offers)

Virginia also became the eighth state in the post-PASPA era to surpass $500 million in gross sports wagering revenue, with nearly 45% of that total coming from the first seven months of 2022. Handle for the year is $2.7 billion, 84.2% higher compared to last year. That has contributed to gross revenue surging 81.9% higher to $231 million and adjusted revenue nearly doubling to $123.1 million.

The win rate on gross revenue has been at least 8.7% each of the last four months, with July’s 9.8% the seventh-highest in 19 months of activity. The Virginia Lottery does not disclose handle and revenue figures by either operator or category in its monthly releases.

ShareTweetShare
Chris Altruda

Chris Altruda

Chris Altruda has been a sportswriter with ESPN, The Associated Press, and STATS over more than two decades. He recently expanded into covering sports betting and gambling around the Midwest. His Twitter handle is @AlTruda73 and can be reached via email at [email protected]

Related Posts

Virginia April 2023 revenue report
Industry

Virginia Tops $10 Billion In All-Time Sports Wagering Handle

June 1, 2023
north-carolina-basketball-shirt
Legislation

North Carolina Senate Approves Amended Sports Betting Bill

June 1, 2023
Load More

Top Stories

paspa ruling

From PASPA To Present: An Oral History Of The U.S. Sports Betting Gold Rush

May 11, 2023
inside-fanatics-sportsbook-fedex-field

Sources: Fanatics Enters Advanced Talks With PointsBet On Transformative U.S. Deal

May 12, 2023
new york times headquarters

The ‘Risky Wager’ Series From New York Times Was No Hit Piece β€” It’s Reality

May 31, 2023
cincinnati-bearcats-signage

Failing To Report Wagering Violations A No-No, NCAA Says

May 25, 2023

State Sports Betting Guides

Ohio (U.S. state) flag waving against clear blue sky, close up, isolated with clipping path mask alpha channel transparency, perfect for film, news, composition

Ohio Sports Betting – All Online Sportsbooks, Bonus Offers, and News 2023

by Brian Pempus
May 16, 2023

Downtown Detroit at twilight (Shutterstock)

Michigan Sports Betting – Where To Play, Online Sportsbooks, And FAQ

by Brett Smiley
May 2, 2023

VA captial

Virginia Sports Betting – Where To Play, Online Sportsbooks And Bonus Offers

by Brett Smiley
April 24, 2023

nj flag

New Jersey Sports Betting — Where To Play, Online Sportsbooks, And FAQ

by Brett Smiley
March 22, 2023

pa online sportsbooks

Pennsylvania Sports Betting – Where To Play, Online Sportsbooks And Bonuses

by Brett Smiley
May 3, 2023

Canada Sports Betting Guides

Canada Sports Betting – Best Sportsbook Apps & Bonus Offers

British Columbia Sports Betting – Legal Update, Available Sportsbooks, and FAQ

Ontario Sports Betting – Legal Status And Where To Play

SportsHandle

  • Analysis
  • Casino
  • Features
  • Horse Racing
  • Industry
  • Legal
  • Legislation
  • Lottery
  • Opinion
  • Podcasts
  • Poker
  • Politics
  • Promotions
  • Regulation
  • Sports
  • Uncategorized

Better Collective

This website is owned and operated by Better Collective USA. Trademarks and copyrights referenced on this website are and shall remain the exclusive property of their respective owners and/or licensors. Please be sure to visit the operator’s website(s) to review their terms & conditions. We advise you to read these carefully as they contain important information. Copyright Β© 2023 USBets.com | Better Collective USA
21 Play Responsibly
Gamble Aware West Virginia
Gambling Problem? Call 1-800-Gambler.
GameSense

Search Sports Handle

No Result
View All Result
  • About Us / Contact
  • Responsible Gambling

No Result
View All Result
  • US Sports Betting
    • Arizona
    • Arkansas
    • Colorado
    • Connecticut
    • Delaware
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Mississippi
    • New Jersey
    • New Mexico
    • New York
    • Ohio
    • Oregon
    • Pennsylvania
    • Tennessee
    • Vermont
    • Virginia
    • West Virginia
    • Wyoming
  • Pending States
    • California
    • Florida
    • Georgia
    • Missouri
    • North Carolina
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbook Apps
    • FanDuel
    • BetMGM
    • Caesars
    • PointsBet
    • BetRivers
  • Tools
    • Sportsbook Bonuses Explained
    • Sports Betting Revenue Tracker
    • Sports Betting Podcasts
    • Partnership Tracker
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
  • News