US August revenue round-up: Sports betting in Virginia, Colorado and Rhode Island
Virginia handle rockets 30.6% in August
Starting in Virginia, monthly handle in Old Dominion hit $416.7m (£313.8m/€376.6m). This is 30.6% more than August last year and 10.4% ahead of July this year.
Figures from the Virginia Lottery show players spent $414.8m betting online and $1.9m at retail sportsbooks inside casino.
Players won $376.5m, while the Lottery accounted for $6,057 in promotions and bonuses and $5.2m in other deductions. As such, adjusted gross revenue for August amounted to $35.0m, up 24.1% year-on-year but 10.7% lower than July.
Online betting accounted for $34.6m of total revenue in August, with the other $415,139 coming from retail sportsbooks. Overall operator hold percentage for the month stood at 9.63%.
The Virginia Lottery does not publish a breakdown of individual operators. However, it did set out that sports betting generated $5.2m in total tax during August. State law places a 15% tax on sports betting activity based on each licensee’s adjusted gross revenue.
Handle and revenue growth in Colorado
Turning now to Colorado, the Centennial State reported an increase in both monthly handle and gross gaming revenue.
The Colorado Department of Revenue reports that handle in August totalled $372.4m. This is 21.7% higher than last year and 16.2% more than July’s figure. Online spend hit $370.3m and retail $2.1m.
As for revenue, total gross gaming revenue (GGR) for the month was $33.2m, up 28.2% year-on-year and 2.2% more than July. This includes $32.5m in online revenue and $699,432 from retail.
In terms of hold percentage, this stood at 8.92% for the state’s overall market. Online hold was 8.78% and retail 33.3%.
Like Virginia, Colorado does not break down each operator’s performance. However, it does go into more detail on wagering behaviour by sport.
Baseball proved most popular with players in August, drawing $103.2m, or 27.7%, of all bets. Tennis ranked second with $39.3m (10.5%) ahead of basketball on $33.6m (9.0%). Parlay and combination bets also drew $76.1m in wagers during the month.
Mixed August for Rhode Island
Completing our round-up in Rhode Island, the Ocean State reported mixed success across handle and revenue.
The Rhode Island Lottery revealed monthly handle for August was $28.4m, up 26.2% from last year and 14.5% more than July. Online spend topped $23.6m, with retail wagers at Twin River and Tiverton Casino at $4.7m.
Revenue for August totalled $1.9m, which is 35.7% ahead of last year but 29.6% behind July. Online revenue amounted to $1.7m, with retail hitting $153,818.
In terms of hold, the state’s total was 6.69% for the month. Online hold was 7.20% and retail 3.24%.