Virginia sportsbooks had an 11% hold in June, good enough for $45.5 million in sports betting revenue

Recently, the Virginia Lottery reported $45.5 million in gross sports betting revenue in June. That was the third consecutive month that operators had a double-digit hold. Additionally, their win rate narrowly missed 11% for the third time this year. Operator winnings surged 39.3% compared to their numbers in 2023. Virginia became the 10th state to clear $3 billion in accepted wagers this year. They also became the ninth state to surpass an all-time handle of $17 billion. Their total betting handle was 17.8% compared to the $505.6 million in May. Revenue only dipped nine-tenths of a percentage point in June. 

Virginia had $5 million-plus in reported deductions but only $11,000 of that came from promotional credits and bonuses. With Superbook recently departing from Virginia, their promotional spend is expected to decrease in the coming months. Betr is now the only mobile sportsbook in Virginia that is eligible to deduct promotional spend against its gross revenue. The state’s $45 million in tax revenue for June was $10.5 million more than the first six months of 2023.

Virginia continues to see growth in the market

The Virginia Lottery is not able to disclose handle and revenue figures for operators on their monthly releases. However, they did note that 10 operators in the state had a positive AGR in June. Virginia’s mobile hold was around 11% in June with online operator winnings hitting $45.2 million from $413 million worth of wagers. Retail sportsbooks in Virginia were not too far behind with a hold of 10.8%. They claimed $256,300 in revenue from $2.4 million in total wagers. Additionally, Virginia’s $3.32 billion handle through the first six months of 2024 is up 26.9% compared to last year. Their statewide hold on gross revenue in June was 10.2%. Adjusted gross revenue was up 34.2% to $303.4 million. Promotional spending over the last five months has added up to $67,800. Their $1.7 million in year-to-date overall bonuses and credits deducted is down 90% from 2023.