The Virginia Lottery reported $45.5 million in gross sports betting revenue for June on Friday as operators posted their third consecutive monthly double-digit hold.
The win rate narrowly missed 11% for the third time overall in 2024 as operator gross winnings surged 39.3% compared to last year. That outpaced the 27.6% rise in handle to $415.4 million as the Old Dominion became the 10th state to clear $3 billion in accepted wagers this year and ninth to surpass $17 billion overall. Handle was down 17.8% compared to the $505.6 million reported for May, while revenue dipped 24.1% as the hold slipped nine-tenths of a percentage point.
Of the $5 million-plus in reported deductions, which includes adjusted gross revenue loss carryover and the 0.25% federal excise tax, only $11,000 were promotional credits and bonuses. That promotional spend total will likely decline further in the coming months with SuperBook’s recent departure from Virginia, leaving Betr as the only mobile sportsbook eligible to deduct promotional spend against its gross revenue.
The commonwealth was able to levy its 15% tax on $40.5 million in AGR, resulting in $6.2 million being directed to state coffers. The $45 million in tax revenue the first half of the year is $10.5 million more than the first six months of 2023. The adjusted gross revenue in Virginia this year has equaled 89.7% of gross winnings, slightly higher than the 83.5% rate for the same period in 2023.