Virginia Sports Betting Report for September Shows Significant Growth
Strong Growth in Virginia Sports Betting Handle
The Virginia Lottery, the regulatory body overseeing gaming activities in the state, has released its financial report for sports betting in September. The data reveals a substantial rise in the total amount wagered, underscoring the robustness of Virginia’s gambling market.
18.5% Increase in Betting Volume Compared to Last Year
According to the report, bettors in Virginia placed a combined total of $737.2 million on sports during September. This represents an 18.5% increase from the same month in the previous year. The figures include wagers taken by the state’s fourteen licensed mobile operators as well as three casinos authorized to accept sports bets.
Players collectively won back $667.4 million, which means that the sportsbooks retained 9.46% of the total bets as revenue. Consequently, the adjusted gross revenue (AGR) reported by all sportsbooks operating in Virginia amounted to $64.5 million.
Mobile Betting Dominates the Market
The vast majority of bets were made via online platforms, with mobile sportsbooks accounting for $731.5 million of the total handle. Payouts to mobile bettors totaled $662.7 million. After deductions of $5.2 million, mobile sportsbooks reported adjusted gross revenue of $63.6 million.
In contrast, retail sportsbooks located at casinos recorded $5.6 million in wagers. These venues paid out $4.7 million in winnings to players. Following deductions of $43,000, the adjusted gross revenue for casino sportsbooks stood at approximately $891,650.
Sportsbooks Contribute $9.7 Million in Taxes
Sports betting operators in Virginia are subject to a 15% tax on their adjusted gross revenue. In September, the state’s licensed sportsbooks paid a total of $9.7 million in taxes.
The majority of this tax revenue, 97.5%, is allocated to Virginia’s General Fund. The fund received $9.4 million from sports betting taxes in September.
The remaining 2.5% supports the Problem Gambling Treatment and Support Fund, managed by the Virginia Department of Behavioral Health and Developmental Services. This fund received $241,716 in September to aid efforts in addressing problem gambling.
