Virginia released its sports betting numbers on Thursday afternoon and The Old Dominion had a mixed bag of results continue into a shaky summer overall for the best Virginia sportsbooks.
Virginia had previously put together an impressive string of months with a sports betting handle eclipsing the $300 million mark. That streak ended in June, when the state reported a handle of $295.2 million, its lowest monthly amount since September 2021.
Virginia Sports Betting, July vs. June
Drop in Handle for Sports Betting in Virginia
The state will now look to August for a new such streak after reporting a sports betting handle in July of just over $266 million, a 9.9% decrease from June. But last month’s figure was a 64.3% increase in a year-over-year comparison; the state’s sports betting handle was $161.9 million in July 2021, according to the Virginia Lottery.
On a positive note, Virginia had a significant increase in sports betting AGR (adjusted gross revenue). In June, Virginia reported $12.9 million in revenue, a 52.8% decrease from May. In July, the state recovered with an adjusted gross revenue of about $21.4 million, a 64.8% increase from June.
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Virginia also put a stop to its decrease in sports betting taxes. In July, the state reported that taxes from sports betting exceeded $3 million. That was a 63.5% increase from June Virginia tax revenue ($1.87 million) and a 64.1% increase in a year-to-year comparison from 12 months earlier ($1.86 million in July 2021).
Virginia Sportsbooks Await Return of Football
Football should bring another winning streak soon for VA sports betting apps.
Last October, Virginia began a six-month run of having a sports betting handle of more than $400 million per month. They could expect the same with the NFL and college football seasons starting up after a late-summer lull with limited options for sports betting patrons.
Without Virginia online casinos, it’s difficult to make up those numbers during the summer.
Virginia just welcomed its first physical casino in Bristol when Hard Rock International opened in early July. That could’ve contributed to the increase in revenue from sports betting. Bristol, Virginia, borders Tennessee, a state with no brick-and-mortar casinos, so the Hard Rock is positioned to welcome plenty of out-of-town guests.
