Richmond, Virginia – The Virginia Lottery released its sports wagering report for July 2024, highlighting a significant increase in betting activity across the state. From July 1 to July 31, Virginians wagered a total of $377,641,472, marking a 28.6% increase compared to July 2023. This rise underscores the growing popularity of sports betting in the state.
Betting and Winnings
During July, Virginia bettors won a total of $332,675,379, which resulted in a combined operators’ win percentage, or “hold,” of 11.91%. State law imposes a 15% tax on sports betting activity, which is calculated based on each operator’s adjusted gross revenue (AGR). AGR is determined by subtracting total winnings and other authorized deductions from total wagers.
Breakdown of Revenues and Deductions
The report detailed the revenue and deductions for both mobile and retail casino operations:
- Total gross sports gaming revenues amounted to $377,641,472, with mobile operators contributing $376,011,459 and retail casinos adding $1,630,013.
- Total winnings were $332,675,379, with $331,280,734 from mobile and $1,394,645 from retail operations.
- Allowable bonuses and promotions reduced the total revenue by $7,432, and other deductions amounted to $4,585,347.
- Adjusted Gross Revenue (AGR) was $40,373,314, with $40,154,950 from mobile operators and $218,364 from retail casinos.
Allocation of Tax Revenue
Virginia state law specifies that 97.5% of the sports betting tax is allocated to the state’s General Fund, while the remaining 2.5% supports the Problem Gambling Treatment and Support Fund managed by the Virginia Department of Behavioral Health and Developmental Services. In July, ten operators reported net positive AGR, resulting in $6.1 million in total tax payments:
- Total Tax Collected: $6,054,606.19
- General Fund Allocation: $5,903,241.04
- Problem Gambling Treatment and Support Fund Allocation: $151,365.15
The Virginia Lottery continues to regulate sports wagering activities within the state, ensuring compliance and transparency. Monthly financial reports and further details about legal sports wagering can be accessed at the Virginia Lottery’s website: www.valottery.com/casinosandsportsbetting.
