Virginia Lottery June Report Shows Large Sports Betting Growth
The Virginia Lottery released its sports betting activity report for June 2023. Virginia Sportsbooks saw $325,455,052 in betting handle for June. This was an overall 10.2% increase year over year from June 2022. Operators saw $32,668,024 in adjusted sports betting revenue. With the Old Dominion taking 15% in taxes, $3,939,701.01 was allocated in monthly taxes.
Virginia June 2023 Sports Betting Report
| Mobile Operators | Casino Retail Activity | Total June 2023 | |
|---|---|---|---|
| Gross sports gaming revenues | $322,073,164 | $3,381,888 | $325,455,052 |
| Gross winnings | ($289,672,256) | ($3,114,771) | $292,787,028) |
| Allowable Bonuses and Promotions | ($1,318,014) | $0 | ($1,318,014) |
| Other deductions | ($4,862,211) | ($53,469) | ($4,915,680) |
| AGR (Adjusted Gross Revenue) | $26,220,682 | $213,647 | $26,434,330 |
FanDuel Dominates Virginia Sports Betting
Among the best sports betting sites in Virginia, FanDuel continues to be the local favorite. The operator is responsible for $124.7 million in wagers for the month. That is 38.3% of the total market for June 2023.
June also marks FanDuel surpassing $1 billion in total wagers for 2023 in Virginia. Since its launch, more than $4 billion have been wagered at FanDuel in Virginia.
Coming in second place was DraftKings which saw $93.5 million in wagers. BetMGM rounded out the top three with $43.3 million in wagers.
Mobile betting remains the primary wagering giant in Virginia, seeing 98.9% of the market for $322,073,164 in bets.
Virginia’s Betting Market On An Upswing
During the 12-month period between July 2022 and June 2023, sportsbooks have grossed $546.9 million in revenue. These revenue figures show a 42.5% increase from the same 12-month period beginning July 2021 to June 2022. Virginia sports betting is far more popular today.
The Old Dominion has been aided by an increase in hold rate during the fiscal year. Every month sportsbooks have seen at least a 9% total hold rate from wagers. September 2023 saw a peak 13.1% hold rate. Virginia also made changes to its taxation during this stretch which has been a major benefit to the state.
Back in June 2022, an amendment was made preventing operators that have been live for more than 12 months from deducting promotions and bonus bets from taxable revenue. With this amendment, Virginia has seen a 93.2% increase in eligible taxable revenue. Overall there has been an increase in state taxes thanks to the amendment.
Additionally, sports betting activity is also up 19.6 percent during the same stretch. $5.1 billion has been wagered on sports in Virginia during that 12-month span.
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