Virginia sports betting experienced a substantial resurgence in August, bouncing back robustly after a slower July. The Commonwealth’s regulated wagering market reported significant upticks in both its handle and gross gaming revenue (GGR) as sports fans geared up for the autumn sports calendar.
Virginia Sports Betting Sees Strong August Recovery
Operators in Virginia collectively managed to take in $410.6 million in wagers during August. This figure represents a considerable 58.7% increase from the $258.7 million recorded in July. The rise was largely attributed to the start of the football season, including both professional and collegiate games, which historically drives increased activity.
Gross gaming revenue also saw a dramatic surge, more than doubling from July’s figures. August’s GGR reached an impressive $44.1 million, marking a 116.8% leap from the $20.3 million generated the previous month. This strong performance also translated into a robust hold percentage of 10.7%, indicating a favorable outcome for the operators.
Promotional activities by sportsbooks continued to play a role, with $12.3 million distributed in bonuses and promotions to customers. After accounting for these deductions, the taxable GGR for August stood at $31.8 million. Consequently, this generated $5.7 million in tax revenue for the state of Virginia, providing a healthy contribution to public funds.
Year-to-Date Performance for Virginia Sportsbooks
Looking at the year-to-date figures, Virginia’s sports betting market demonstrates sustained growth. From January through August 2023, the total handle reached $3.76 billion. Over the same period, the cumulative gross gaming revenue amounted to $375.4 million.
The state’s total tax revenue derived from sports wagering during these eight months has now climbed to $40.5 million. These figures highlight the consistent expansion of the market since its inception, confirming its position as a significant contributor to the state’s economy.
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