Virginia betting handle falls for fourth consecutive month in July

The Virginia Lottery reported a month-on-month drop in player spending on sports betting for the fourth consecutive month in July, though revenue in the state improved significantly.

Handle for the month amounted to $266.0m (£231.5m/€268.2m), which was 9.9% lower than $295.2m in June this year but 64.2% higher than $161.9m in July of last year.

Adjusted gross gaming revenue, which is defined as total bets minus winnings, bonuses and promotions and other authorized deductions, jumped 64.6% month-on-month to $21.4m.

The Virginia Lottery also noted that this amount was 68.5% higher than $12.7m in the same month in 2022.

Consumers in the state won a total of $240.0m from sports betting during the month, while $396,903 worth of bonuses and promotions were issued to players and the Virginia Lottery also accounted for a further $4.2m in other deductions.

Increased adjusted gross gaming revenue meant the state was able to collect a total of $3.1m in tax from sports betting in July.

Of this total, $3.0m was allocated to the General Fund Allocation and $76,508 the Problem Gambling Treatment and Support Fund Allocation.

The latest set of figures comes after last month it was revealed Hard Rock International’s new land-based casino in Virginia posted $11.7m in adjusted gross revenue during its first month of operation.

The temporary Hard Rock Hotel & Casino Bristol opened its doors on July 8 having received a licence from the Virginia Lottery Board in April this year. Construction work is ongoing for a permanent facility in the city, with this expected to open in the summer of 2024.

Some $10.2m of adjusted gross revenue came from slots and the remaining $1.5m from table games. It was also revealed that the casino paid $2.1m in tax during the month, with AGR taxed at a rate of 18%.

Original Article