Virginia Sports Betting Bounces Back in August
HighlightsÂ
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The current month’s gross revenue from sports betting is $58.3 million.
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Virginia Wagers receives a payback of $447.3 million.Â
Consumer spending on sports betting in Virginia saw an increase on both a monthly and yearly basis. Released reports from the Virginia Lottery show that the sports betting handle for this month accounted for $58.3 million, which is 66.6 % higher than August 2024 and is greater than July by 27.9%.
Out of this $57.3 million, land-based betting contributed $938,895. The consumer spending for the month touched $510.2 million. This represents an increase of 22.4% year-over-year and 18.8% compared to the previous month. Online betting touches $506.3 million, while retail sportsbook accounts for the remaining $3.9 million.
As per the reports from the Virginia Lottery, the players received a payback of $447.3 million from sports betting. A 15% tax on sports betting activity is collected from licensed holders’ gross revenue, as the total tax amounts to $8.7 million.
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Out of this $57.3 million, land-based betting contributed $938,895. The consumer spending for the month touched $510.2 million. This represents an increase of 22.4% year-over-year and 18.8% compared to the previous month. Online betting touches $506.3 million, while retail sportsbook accounts for the remaining $3.9 million.
As per the reports from the Virginia Lottery, the players received a payback of $447.3 million from sports betting. A 15% tax on sports betting activity is collected from licensed holders’ gross revenue, as the total tax amounts to $8.7 million.
For the full news story, Read Here!
