Gambling Growth in Virginia: February Revenues Up 26%
Date: 2024-04-03 Author: Robert Beloved Categories: CASINO
Market expansion and tax payments
In February 2023, Virginia betting turnover reached $545.1 million, up 25.6% from the same period last year, with tax payments of $6.3 million and withholding at 9.18%.
Taxation changes
State sportsbook taxes are 15% of adjusted gross revenue (AGR), and 11 operators reported “net positive AGR” for the month. However, following changes in the law, some operators are no longer eligible for promotional deductions.
Market expansion and new operators
During 2023, four new operators began operating in Virginia, with Betr and SuperBook remaining the only ones eligible for promotional bet deductions. It is important to note that some operators, such as ESPN BET and Fanatics Sportsbook, have undergone reorganization and lost this right.
Market Trends
Compared to January, February saw a decrease in transaction turnover, as well as AGR, withholding and tax payments. Upcoming reports will include data from North Carolina, which has rejoined the market, adding further interest to the sector's development.
