Virginia sports betting dropped to $162M in July
Sports betting expected to pick back up when football returns
Virginians bet $161.9 million in July but won $141.94 million, according to data released Wednesday by the Virginia Lottery.
Virginia sports betting wagers now total more than $1.48 billion since the state legalized sports betting in mid-January.
In June, the state reaped about $234.9 million in gross revenue from sports betting, making July’s revenue a decrease of 31%. The dip in wagering is consistent with what occurred in other areas in the U.S. with sports betting, according to the Virginia Lottery.
PlayVirginia, which tracks the state’s gaming market and is part of the PlayUSA.com network, released an analysis agreeing.
“July brings a relatively light sports schedule and summer vacations that typically make it the slowest month in sports betting,” Eric Ramsey, analyst for the PlayUSA.com network, said in a statement. “Virginia is not immune from a trend that has affected every major market. The momentum should change quickly as football draws nearer and casual bettors return home. The next five months should bring significant growth to Virginia’s fledgling sports betting industry.”
This July had more going on than normal but still not enough to combat the seasonal slump, according to the PlayVirginia analysis.
“The NBA Finals and the Olympics, which featured a stark time difference, didn’t particularly move the needle,” Dann Stupp, lead analyst for PlayVirginia.com, said in a statement. “The Olympics should do modestly better in August, when high-profile team sports like basketball reached the medal rounds. But in the end, there just isn’t enough to attract widespread betting.”
The seven licensed operators included in July’s reporting were Betfair Interactive US LLC (FanDuel) in partnership with the Washington Football Team; Crown Virginia Gaming LLC (Draft Kings); BetMGM LLC; Rivers Portsmouth Gaming LLC (Rivers Casino Portsmouth); Caesars Virginia LLC (William Hill); WSI US LLC (Wynn); and Unibet Interactive Inc.
The state placed a 15% tax on sports betting activity based on each permit holder’s adjusted gross revenue. With four operators reporting net positive adjusted gross revenue, the monthly taxes for July total $1.86 million.
In the fiscal year that ended June 30, the lottery reported a record $3.26 billion in annual sales.