Virginia Lottery has a 10.4% rise in sports betting handle year-over-year from July, 2022. It climbed from $266.0 million to $291.0 million in 2023. Month-over-month handle decreased 9.8% from $325.5 million.
Promotional spend was also down by $0.5 million, which combined with the lack of premium US sporting fixtures can help explain the low sports betting handle. As has been the trend across the board for American states in July, despite a sharp decrease in money wagered, revenue from a house perspective actually increased.
Year-over-year, revenue rose from $21.4 million to $27.6 million, marking a 30% increase. Month-over-month adjusted gross revenue climbed 5.3% from June’s figure of $26.2 million. Favorable results in the month of July helped contribute to higher hold & thus revenue recorded.
Virginia mobile sports betting makes up the vast majority of handle, with 99.1% of all wagers placed done through mobile devices for July. Legalized casino in Virginia is also a relatively new phenomenon, with Rivers Casino Portsmouth becoming the state’s first permanent casino in January.
Recently, a judge ruled in favor of a second casino referendum in the state’s capital Richmond. The decision came after a last minute legal challenge from a charitable gaming business. Good Lions Inc alleged that Richmond City Council had violated the Virginia constitution by not allowing a public bidding process for the project that will face the public vote. Tuesday November 7 will be judgment day for the capital’s casino aspirations.
As of June 30, Virginia was home to 16 licensed sports betting operators, although the regulator does not provide market share information. In addition to Rivers Casino Portsmouth, Hard Rock Bristol and Caesars Virginia in Danville have opened.