Published: August 2, 2022

Virginia Lottery announced a 25% jump in June’s handle compared to the same time last year,

Sports betting in Virginia brought in $295.2 million in wagers in the month of June, according to the latest numbers reported by the Virginia Lottery.

It's a 25.7% increase from June 2021, but a steep drop from the $351.5 million in handle generated the month prior. The $25.9 million in gross revenue generated by sportsbooks was also a sharp decrease from May’s $42.5 million, with their hold percentage for the month sitting at 8.7% — a significant drop from May’s 12.1% mark but still above February’s low of 6.8%.

After deductions (bonuses, promotions, etc), sportsbooks brought in $13 million in Adjusted Gross Revenue (AGR), less than half of May's $27.5 million. Ultimately, legal sports betting netted the state $1.9 million in taxes in June — also less than 50% of May’s take.

In June, Virginia had 13 operators — all online only — but only seven reported positive AGR in the month, continuing the trend after the state quarterly report listed just six operators as profitable in Q2 2022.

Virginia also lost a sportsbook, when the Golden Nugget ceased operations following its merger with DraftKings, but the contraction is not expected to hurt the state's tax revenue since the Golden Nugget never registered a taxable profit in any month.

The tax rate in the state is 15% for betting operators, with most of the money going to Virginia’s General Fund, while a fraction is sent to their Problem Gambling and Treatment Fund.

Since sports betting was legalized in Virginia, the state has made $35.5 million in taxes for these funds.

Virginia Voluntary Exclusion Grows

As the Old Dominion’s betting market expands, so does the enrolment in the state's exclusion program.

Twenty-two Virginians signed up for the state’s voluntary exclusion program in June — the third-highest monthly signup in 2022 and a 37% jump from June 2021. May had the most signups with 34, nearly three times more than a year ago.

Virginia’s exclusion program is a broad application that prevents a bettor from placing a sports wager or entering a casino (with or without a sportsbook), and lasts for either two years, five years, or for life. The timeline is decided by the bettor and it cannot be appealed.

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