“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.

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%.