Virginia’s Sports Betting Market Sees Year-Over-Year Growth in July 2024
Virginia’s sports betting market reported $377.6 million accepted in wagers in July. This marks an increase from the $293.6 million recorded in July last year.
Higher Payouts and Improved Hold Rate
In July 2024, Virginia’s sportsbooks paid out $332.6 million to bettors, reflecting an 11.9% hold rate, slightly up from the 11% hold in July 2023 when payouts totaled $261.1 million.
Virginia’s online sportsbooks generated $40.1 million in revenue for July 2024, an increase from the $27.6 million reported in the same month the previous year. As a result, the state collected $6.1 million in tax payments from operators, compared to $4.1 million in July 2023.
Bonuses, Promotions, and Casino Growth
Under Virginia’s gaming law, 97.5% of the tax revenue from sports betting is directed to the state’s General Fund, while the remaining 2.5% supports the Problem Gambling Treatment and Support Fund. The latter received $151,364 in July 2024, up from $102,880 in July 2023.
Virginia’s mobile operators reported a minor loss of $7,432 from allowable bonuses and promotions in July 2024, a significant improvement compared to the $827,332 loss in the same period last year.
Additionally, the state’s casino market experienced slight growth, with gaming revenue reaching $59.3 million in July 2024, up from $57.3 million in July 2023.
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