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.
Gross revenue increased 24.1% compared to last August and declined 10.7% from July since the August win rate was nearly 2.3 percentage points lower. Adjusted revenue was up 25.4% year-over-year and down 13.3% versus July.
