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Virginia sports betting handle surges to $417 million for August

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Sports Betting

2024-10-02

Virginia sports betting handle surges to $417 million for August

The Virginia Lottery reported sports betting handle totaling $416.7 million for August on Tuesday, a 30.6% year-over-year increase.

The Old Dominion also reached a pair of all-time milestones in the post-PASPA era, becoming the sixth state to reach $1.75 billion in gross operator sports betting revenue and the seventh to surpass $200 million in state tax revenue.

Sportsbook operators had a solid August, posting a 9.6% hold to claim $40.1 million in gross revenue. After promotional deductions, the federal excise tax and operator loss carryover, the state was eligible to levy its 15% tax rate on close to $35 million in adjusted gross revenue.

That resulted in an inflow of $5.2 million into Virginia coffers.

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