Virginia is another state that was able to have a solid month of August as it officially marked the end of the summer slowdown. Sportsbook operators in the Old Dominion registered a monthly handle of $284.7 million as the Virginia Lottery posted the numbers on Friday.
Virginia’s Market Breaks a Personal Record
As the nearest state with a bigger market is Tennessee, Virginia is still one of the most prominent markets in the industry. The Old Dominion became just the ninth jurisdiction to surpass the $6 billion mark in the post-PASPA era, joining New Jersey, Nevada, Pennsylvania, Illinois, New York, Indiana, Colorado, and Michigan.
The market is also $47 million short of accepting $3 billion in wagers for a calendar year. What was even more impressive is the hold rate these operators were able to post for the month, as the NFL preseason most likely played its part.
Bookmakers were able to break the previous win rate record of 12.3 percent, which was set back in July 2021. In May, the house was able to push a win rate of 12.1 percent.
Sportsbooks in August went on a historic route as the bookmakers were able to combine for a win rate of 13 percent. The national average for the industry is set at 7.3 percent.
How Were the Gross Revenue Numbers for the Month?
Sportsbook operators were able to accumulate $37 million in gross revenue for the month. This was the fourth-best total since the market launched not that long ago. This is also the third highest total this year, which trails May’s $42.5 million and January’s $39.1 million.
It was the first time that adjusted revenue in the state exceeded $30 million due to the change in limiting operator deductions for promotional play. For August, the state was able to collect $4.5 million in taxes, which raised the year’s total to more than $4.5 million.
Through the first eight months of last year, the state was only able to collect $11.1 million in taxes. Virginia is also one of the states that doesn’t disclose operators’ adjusted income to the public; however, the lottery puts a general statement in regards to that case.
Nine of the 13 operators that are currently in operation were in the black in terms of adjusted revenue. For 2022, deductions outside of promotional credits have reached over $36.1 million, up from nearly $33 million for all of 2021.
The Final Reports of August Will be Out Soon
According to the numbers, 17 out of the 22 states that reported their win rates had winning percentages over 10 percent. It’s almost certain that the national hold rate will be over 10 percent for August; however, there is a chance that it could end up under 10 percent.
A few larger markets have yet to report their numbers. Those other prominent markets include Illinois, Colorado, and Arizona. These three jurisdictions will have a huge say on whether or not the numbers could stay above 10 percent.
