Summer sports betting crisis hits Virginia's July grip

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Sports betting in Virginia has seen a seasonal decline, with punters betting just under $ 162 million, down just over 31% from the nearly $ 235 million in June.

Sports betting generally collapses in the summer, mainly baseball to attract money from bettors. Many sports betting jurisdictions are likely to experience summer declines with expectations of large betting increases once college football and the NFL begin.

This was the sixth full month of sports betting financial reporting in Virginia since the Commonwealth launched online sports betting on January 21.

July adjusted gross sports betting (AGR) income was nearly $ 12.7 million, down 14.8% from June (nearly $ 14.9 million). As a result, sports betting taxes in July were $ 1.86 million, down 18% from June ($ 2.27 million). The catch for operators was 12.33% combined.

There are seven licensed operators included in the July report, including FanDuel Sportbook, DraftKings Sportsbook, BetMGM, BetRivers, William Hill / Caesars, WynnBET and Unibet.

Sports betting management and income in Virginia, July vs June

Total handle Returned Taxes
July $ 161.902 M $ 12.691 million $ 1.864 M
June $ 234.943 M $ 14.897 million $ 2.274 million
Switch Down 31.1% Down 14.8% Down 18.0%

Bar stool now live in Virginia

Barstool Sportsbook has entered the market and will be launched in August. The Golden Nugget online game could be next. From the start of sports betting in Virginia until the end of July, punters have wagered $ 1.48 billion on everything from baseball betting and tennis betting to basketball betting and the Olympics. .

So far, online sports betting is the only option in the market. But players could see multiple Commonwealth casinos in various cities, possibly as early as next year.

The tax on VA betting is 15%

For games of chance in Virginia, the tax on wagering activities is 15%, based on each licensee’s AGR – total bets less customer winnings and other permitted deductions. These deductions may include some customer acquisition costs, such as player bonuses, and in July operators reported around $ 4.38 million in free play bonuses and incentives. In July, four operators reported a positive net AGR.

Since sports betting began in the Commonwealth, operators in Virginia have offered players nearly $ 50 million in promotions and bonuses. It will be necessary to monitor the way in which operators approach customer acquisition with the start of the football season.

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