“In July, Virginia’s betting handle fell for the fourth month in a row.”

“In July, Virginia’s betting handle fell for the fourth month in a row.”

Summary:

The US state of Virginia’s sports betting revenue rose 64.2% year-on-year to $21.4 million in July, as compared to $12.7 million in the same month last year. The state won a total of $240.0 million from sports betting during the month, of which $396,903 worth of bonuses and promotions were issued to players, and the Virginia Lottery also accounted for a further $4.2 million in other deductions.

The handle for the month was $266m, which was 9.9% lower than in June but 64.2% higher than in July of last year.

The adjusted gross gaming revenue, which is defined as total bets minus winnings, bonuses and promotions and other authorized deductions, jumped 64.6% month-on-month to $21.4m.

This month’s amount was 68.5% higher than the same month in the previous year, according to the Virginia Lottery.

A total of $240.0m was won from sports betting by consumers in the state, while $396,903 worth of bonuses and promotions were issued to players, and the Virginia Lottery also accounted for a further $4.2m in other deductions.

The state was able to collect a total of $3.1m in tax from sports betting in July, thanks to increased adjusted gross gaming revenue.

The General Fund Allocation and the Problem Gambling Treatment and Support Fund were both allocated over a million dollars.

Last month it was revealed that Hard Rock International’s new land-based casino in Virginia posted $11.7 million in adjusted gross revenue during its first month of operation.

The temporary Hard Rock Hotel & Casino Bristol opened its doors on July 8 after being granted a licence from the Virginia Lottery Board. A permanent facility in the city is currently being built and is expected to open in the summer of 2024.

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The lion’s share of adjusted gross revenue came from slots and table games. The casino paid more than $2m in tax during the month, with AGR taxed at a rate of 18%.