Hard Rock Bristol offers a wide range of sports betting | Appalachian Highlands

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Popularity has grown tremendously since the United States Supreme Court overturned the Professional and Amateur Sports Protection Act in 2018.

Today, more than two dozen states allow sports betting in some way, be it retail (in person) or online. Tennessee and Virginia have legalized online sports betting, and almost every state has considered at least legalizing it.

Virginia allowed in-person betting, and that’s where something like Bristol’s new Hard Rock Hotel and Casino comes in.

The top line number is the one making headlines in the growing sports betting industry. Billions have been wagered monthly in some states and tens of billions have been wagered on sports since 2018.

Experts are estimating that Virginia could top $7 billion in annual sales, with perhaps just $6 billion or less on the lower scale of results.

Virginia became the fastest state to reach $1 billion in stakes.

HOW SPORTS BETTING ARE TAXED

When Virginia launched both retail and mobile sports betting, it only took a month to show massive spikes in revenue.

The state taxes online sports betting revenue at 15% of adjusted gross revenue, and as of November 2021, tax revenue increased to $4.3 million https://www.virginiacasinos.comoverseen by the Virginia Lottery.

Of that, 97.5% of taxpayers’ money goes to the General Fund, with the remaining 2.5% earmarked to support problem gambling.

KEY NUMBERS AND CONDITIONS

The handle is the amount of money wagered across all sports bets. So if the total for a month is $100 million, it means the sportsbook has accepted a total of $100 million in bets.

In February this year, the treasury exceeded $401 million for the fifth straight month. Over $33 million was wagered on the Super Bowl.

Sports betting revenue is a little different from business term revenue.

Gross gaming revenue represents the amount of money left over from the handle after sportsbooks have paid out bets for the month. If sportsbook paid out $92 million to winners out of the $100 million in bets, the GGR would be $8 million.

AGR represents GGR minus deductions such as Federal Excise Tax (which is 0.25% of the amount) and promotional dollars given out in the form of deposit bonuses or free bets. In Virginia, sports bookmakers make these deductions, and the remaining amount is the state-taxed number.

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HARD ROCK SPORTS BOOK

The Hard Rock Sportsbook is located across from the sports bar.

The Sportsbook will have five available betting windows and 19 kiosks throughout the building. There will be 15 kiosks in the Sportsbook and four more will be on the casino floor.

You can bet on up to 20 teams at the kiosks and a maximum of eight at the windows. You do not have to be a Virginia resident to place a bet, but you must be at least 21 years of age. There is a minimum bet of $5.

The bet types that Hard Rock Sportsbook will offer include straight bets, parlays, teasers and futures.

The house rules for sports betting can be found on the website at https://www.hardrockhotelcasinobristol.com/-/media/project/shrss/hri/casinos/hard-rock/bristol/casino/sportsbook/sportsbook-rules.pdf?rev=7d199c63cf49443e92fe59bb083b2883.

Available sports include soccer, basketball, baseball, hockey, soccer, martial arts like boxing or MMA, auto racing, golf and more. Hard Rock Sportsbook does not yet offer betting on horse racing.

The Hard Rock Bristol Sportsbook has a mobile app and it’s live. It can be downloaded from the App Store and Google Play Store.

COLLECT PROFIT

For the lucky ones who have made a winning bet, collecting is pretty easy.

You may take the winning ticket to the Hard Rock Sportsbook where the bet was placed and visit a sportsbook agent to collect it.

You can also toss the winning ticket into a betting kiosk for a cash voucher to redeem at Hard Rock Sportsbook or Casino Cage.

When the sportsbook is closed, visit the Casino Cage for after-hours cash-in.

You can collect your winnings by post by looking for mailing instructions on the back of your ticket or by visiting the website.

All tickets must be redeemed at the sportsbook where they were posted.

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