In July 2022, sports betting in Virginia still experiences fluctuations characteristic of the season. Although figures have slightly decreased compared to June, the $266 million in sports bets significantly surpasses the amount wagered in the same month last year.
- In June 2022, Virginia’s sports betting industry recorded a total of $295.2 million in bets.
- In July 2022, Virginia’s sports betting industry generated $266 million in revenue, which represents a 10% decrease compared to the previous month.
On Thursday, the Virginia Lottery unveiled the smallest sports betting figures of the year.
It’s not unexpected. July was also the slowest full month for betting in Virginia last year.
- A total of $161.9 million was placed in sports bets during July 2021.
- In July 2022, sports bets reached a staggering $266 million, marking a significant 64% surge compared to the previous year.
Although summer sports may not be as popular as gridiron action, the trends observed in 2021 and 2022 indicate a promising future for an eventful autumn season.
VA sports betting pace should rebound
Virginia sportsbook handle experiences a downward trend for four consecutive months in July. However, it is anticipated that sports bets will increase in the following seven months.
Expect modest increases in August numbers when the Virginia Lottery releases its report in a month. The surge in betting, driven by football, is anticipated to persist all the way to the Super Bowl and through the exciting March Madness season of 2025.
The month of January 2022 set a new record in the sports betting industry, with a staggering $485.5 million wagered.
More numbers: July 2022 Virginia sports bets
- In July 2022, Virginia’s 13 sportsbooks generated $266 million from sports bets, with customers claiming approximately $240 million in winnings. Consequently, the sports betting companies retained a hold of 9.8%.
- Once payouts and other authorized deductions are factored in, the casinos were left with $21.4 million in revenue.
- Taxable profits were reported by eight out of the 13 casinos in the state at the end of the month.
- From July 2022, Virginia sports betting generated $3.1 million in tax revenue for the state. Out of this amount, approximately $76,500 (2.5%) will be allocated to the state’s gambling treatment and support fund, while the remaining funds will be directed to Virginia’s general fund.
The recent inclusion of numbers from a retail sportsbook marks a significant milestone in the Virginia Lottery sports totals. Bristol Casino, which is the future location of Hard Rock, has set up a temporary casino at the Bristol Mall. As part of its offerings, a retail Hard Rock sportsbook is also available.
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