The 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 $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 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.
Solid Overall Growth Trends Continue 265j21
The Virginia Lottery does not disclose handle and revenue figures for operators in its monthly releases, but noted 10 operators had positive AGR for June. The mobile hold was in line with the overall hold at just under 11%, with the state’s online operators reaping $45.2 million from $413 million worth of wagers. Their three retail counterparts were close behind with a 10.8% win rate in claiming $256,300 from $2.4 million in handle.
The $3.32 billion handle through the first six months of 2024 is up 26.9% compared to last year and slightly ahead of the 24.9% increase in gross revenue to $338.1 million. The statewide hold on gross revenue for 2024 is 10.2%, which is nearly two-tenths of a percentage point lower.
Adjusted gross revenue, however, is up 34.2% to $303.4 million, helped in part by bet365 exhausting its promotional deduction eligibility at the end of January by completing its first year of operations. Promotional spend the last five months combined has totaled only $67,800 — bet365 claimed $1.6 million in such deductions in January. The $1.7 million in year-to-date overall bonuses and credits deducted is down 90% from 2023.
