The Virginia Lottery reported gross sports wagering revenue of just under $26 million for the month of June on Monday, a monthly low for 2022.
The state’s 13 operators combined to post a healthy 8.8% win rate for June – currently third-highest of 22 states and jurisdictions that have reported figures for the month – but it was more than three percentage points lower than May’s 12.1% hold. That drop, coupled with a 16% month-over-month dip in handle to $295.2 million, led to the lowest gross revenue figure since the $18 million figure claimed by only seven operators last August.
The decline in handle is expected with the summer month. But the year-over-year numbers show sharp increases, with nearly double the number of operators accepting bets as were a year earlier. June handle in Virginia was 25.6% higher compared to the same period in 2021, and gross revenue was 17.9% higher despite the win rate being more than one-half percentage point lower compared to June 2021.
After discounting promotional credits and other deductions, the state was able to levy taxes on $13 million in adjusted revenue, which was barely more than 50% of gross revenue. Promotional credits totaled $7.8 million, 21.4% lower compared to May, while deductions were 2% higher to $5.1 million. July’s figures are expected to be vastly different after a state budget amendment took effect July 1 prohibiting sports betting operators “from excluding bonuses or promotions used to encourage betting from their adjusted gross revenue 12 months after they begin sports betting activity in Virginia.”