Whoa, sports fans! Virginia sports betting had a bit of a breather in July, with the handle falling just short of the $300 million mark at $293.6 million. Let’s dive into the game stats! 🏈💸
Online Betting Shines Bright: Online sports betting was the star of the show, marking a 9% year-on-year rise to a whopping $291.0 million. The remaining $2.6 million? Well, that’s from the good ol’ retail wagering action at Virginia’s casinos. 💻🎉
Betting Margin Hits Double Digits: The betting margin was on fire at 11.1%, strutting its stuff compared to 9.8% in 2022. And guess what? The gross win increased by a jaw-dropping 25%, reaching a grand total of $32.5 million. Online betting led the pack with $31.9 million, while retail betting pulled in a respectable $597,052. 💰🔥
The Numbers Speak: In case you’re a numbers nerd, here’s a snapshot:
Handle: $290,999,143 (Online) + $2,612,646 (Retail) = $293,611,789 (Total)
Gross Win: $31,873,344 (Online) + $597,052 (Retail) = $32,470,396
Adjusted Gross Win: $27,631,850 (Online) + $579,077 (Retail) = $28,210,927
The “WOW” Moment: After all the calculations and deductions (including a cool $827,332 spent on bonuses and promotions), the adjusted gross revenue in July was a stellar $28.2 million. That’s a jaw-dropping 32% increase compared to the same month last year! 💥💼
Tax Collectors’ Delight: Virginia’s sports betting licensees had the tax collectors dancing, as they paid a whopping 35% more than in 2022, totaling a hefty $4.1 million in July. 💰📝
#VirginiaSportsBetting #GameOn #WinningStreak
