Virginia Lottery Releases July Activity Report – Dip in Betting is Consistent Across the Country
VIRGINIA (September 1, 2021) — The Virginia Lottery today released its report on sports wagering activity submitted by licensed operators for the month of July, the sixth full month of reporting since legal sports betting launched in Virginia on Jan. 21.
Between July 1 and July 31, 2021, Virginians wagered $161,901,955 (“handle”), representing a 31% decline from the previous month. This dip in wagering is consistent with similar declines seen in July in other jurisdictions across the U.S. offering sports betting.
Virginia bettors won a total of $141,936,399, for a combined 12.33% operators win percentage (“hold”). Virginia’s sports betting catalog of approved leagues and events continues to expand, and through the end of July, bettors have wagered a combined total of more than $1.48 billion on everything from baseball and tennis to basketball and the Olympics.
The seven licensed operators included in July’s reporting were Betfair Interactive US LLC (FanDuel) in partnership with the Washington Football Team, Crown Virginia Gaming LLC (Draft Kings), BetMGM LLC, Rivers Portsmouth Gaming LLC (Rivers Casino Portsmouth), Caesars Virginia LLC, WSI US, LLC (Wynn), and Unibet Interactive, Inc. A complete list of all approved operators can be found here, under the “approvals” tab.
State law places a 15% tax on sports betting activity based on each permit holder’s adjusted gross revenue (AGR), which is defined as total wagers minus total winnings and other authorized deductions. Virginia’s statute allows operators to deduct certain customer acquisition costs from AGR, and operators reported nearly $4.4 million in bonuses and free-play incentives in July:
|July 2021||Inception to Date|
|Gross sports gaming revenues||$161,901,955||$1,488,982,602|
|Bonuses and Promotions||($4,375,872)||($49,928,611)|
|AGR (Adjusted Gross Revenue)||$12,691,020||$62,008,904|
Four operators reported net positive AGR for July, and the associated tax collections are as follows:
|Monthly Taxes||Inception to Date|
|General Fund Allocation||$1,817,821.76||$9,453,095.22|
|Problem Gambling Treatment and Support Fund Allocation||$46,610.81||$242,387.05|
Of the state tax on sports betting AGR, the statute specifies 97.5 percent is to be deposited in the state’s General Fund and 2.5 percent is to be deposited into the Problem Gambling Treatment and Support Fund administered by the Virginia Department of Behavioral Health.
About Virginia Lottery
The Virginia Lottery is responsible for the regulation of sports wagering in the Commonwealth of Virginia. Monthly financial reports and other important information about legal sports wagering is posted at www.valottery.com/casinosandsportsbetting.
SOURCE: Virginia Lottery.Tags: sports Betting, Virginia Lottery, Casino Sales