Sports Betting Revenue in Virginia Continues To Decline in August 2021

Sports Betting Revenue in Virginia Continues To Decline in August 2021

The Virginia Lottery has announced that the revenue from sports betting in the state has declined in August 2021. This makes it the third consecutive month for which revenue has declined. The decrease in revenue from sports betting comes even as there is an improvement in the month-on-month handle.

Revenues for August 2021

Adjusted Gross Revenue for the month of August 2021 was $ 8.7 million which is equivalent to (£6.4m/€7.5m). This is the lowest earnings since the first month of sports wagering revenues since the legalization of sports wagering in the state. Sports wagering was legalized in January 2021 in the state. Revenue has decreased 31.5% in July 2021 when earnings from sports betting were $ 12.7 million.

Player spending improved

Spending by players has shown improvement. Player spending increased to $ 182.4 million. This is a 12.7% increase as compared to last month i.e. July 2021.

State of Virginia revenue

The income to the state of Virginia amounted to $ 1.4 million in taxes for the month of August 2021. $1.3 million of the revenue earning for August 2021 is earmarked for the General Fund in the state. The remaining amount of $ 34,463 will be earmarked for the Problem Gambling Treatment and Support Fund.

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Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.