The Virginia Lottery has released its July sports wagering statistics, which indicate that the state had a successful betting month. Nearly $377.6 million was wagered by players in Virginia, a significant 29% increase over the same time the previous year. Also, the revenue soared in June this year.
Sports betting businesses in Virginia held an 11.9% hold in July, when wagerers took home almost $332.6 million. The month’s adjusted gross revenue (AGR) exceeded $40.4 million in spite of this. Retail sports betting locations added more than $0.2 million to the overall AGR, but mobile sports betting dominated the market, contributing $40.2 million.
State law mandates that 15% of all sports betting activity is taxed. The Virginia Lottery provided a detailed breakdown of how these funds are allocated. According to the lottery, “Of the state tax on sports betting AGR, the statute specifies 97.5% is to be deposited in the state’s General Fund, and 2.5% is to be deposited into the Problem Gambling Treatment and Support Fund administered by the Virginia Department of Behavioral Health and Developmental Services.”
In total, the state collected $6.1 million in sports betting taxes during July. Of this amount, nearly $5.9 million was directed to Virginia’s General Fund, with the remaining portion allocated to the Problem Gambling Treatment and Support Fund.
Petersburg Casino Legislation Moves Forward
In a related development, Petersburg lawmakers recently voted in favor of introducing a new casino to the city, following successful legislation passed in both the House of Delegates and the Senate. This decision marks a significant shift in the state’s approach to expanding casino operations.
For the past two years, efforts to establish a casino in Petersburg faced resistance, with the Senate committee rejecting proposals during both the 2022 and 2023 legislative sessions. However, the tide has now turned, indicating a new direction for the city’s economic development.
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