RICHMOND, Va. (WRIC) — The Virginia Lottery has announced that there was a 10.4% increase in sports wagering for July 2023 compared to July 2022.
According to the company, there was over $293.6 million wagered in Virginia between July 1 and July 31 this year — with betters winning a total of $261.1 million.
| Mobile Operators | Casino Retail Activity | Total July 2023 | |
| Gross sports gaming revenues | $290,999,143 | $2,612,646 | $293,611,789 |
| Gross winnings | ($259,125,799) | ($2,014,594) | ($261,140,393) |
| Allowable Bonuses and Promotions | ($827,332) | $0 | ($827,332) |
| Other deductions | ($3,414,163) | ($18,975) | ($3,433,137) |
| AGR (Adjusted Gross Revenue) | $27,631,850 | $579,077 | $28,210,927 |
With the Virginia Lottery making a total adjusted gross revenue of $28.2 million, a total of $4.1 million was paid in taxes — with 97.5% going toward Virginia’s general fund and 2.5% going toward problem gambling treatment and support.
| Monthly Taxes | |
| Total Tax | $4,115,217.97 |
| General Fund Allocation | $4,012,337.52 |
| Problem Gambling Treatment and Support Fund Allocation | $102,880.45 |
Virginia legalized sports betting in 2020 with supporters intending to turn back-room gambling into a major tax revenue source. The Joint Legislative Audit and Review Commission previously projected sports betting would generate up to $55 million annually — averaging $4.58 million monthly — in tax revenue.
However, Virginia legislators said the tax revenue had fallen short of expectations in 2022 — with June 2022 taxes only reaching $1.8 million. Lawmakers claimed the issue was largely owed to a loophole in the legislation in which sports betting operators were able to offer generous incentives to attract new bettors without paying taxes on those promotions.
Amazon plans to spend $11 billion creating 2 data centers in Louisa County
“In the original legislation, we made a mistake by saying they could deduct,” said Del. Mark Sickles (D-Fairfax) in 2022. “I believe it’s a totally inappropriate role of government to be encouraging people to gamble.”
In July 2022, the loophole was reportedly closed as part of a budget agreement.
