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Virginia Lottery Reports 25% Increase in Sports Wagering Handle in May

Collins Garrett

Updated on July 4, 2024 at 12:03 PM EDT. Read in just 58 seconds. Find more on Twitter and Google News.

Old Dominion Monarchs quarterback Grant Wilson celebrates his scoring run as we look at the Virginia sports betting financials for May 2024
Old Dominion Monarchs quarterback Grant Wilson celebrates his scoring run. Photo by: Jim Dedmon/USA TODAY Sports

On Monday, the Virginia Lottery published its May 2024 report on sports betting, revealing that it was a successful month for operators, including top sports betting sites, in the state of Old Dominion.

During the period, the Virginia sports betting market saw a handle of nearly $505.6 million, marking a 25.2% increase compared to the previous year. Virginia sports betting apps accounted for $501.4 million of this total, while retail outlets contributed $4.2 million.

The breakdown

In May, bettors took home $445.6 million out of the $505.6 million wagered, resulting in operators retaining an 11.86% hold. Mobile operators had $11.7 million deducted from their gross winnings for allowable bonuses and Virginia sportsbook promos, while no bonus deductions were made for retail sportsbooks.

After factoring in bonuses and other approved deductions, the state’s Adjusted Gross Revenues (AGR) reached $53.9 million. Although the Virginia Lottery does not disclose individual online operator performance, a press release confirmed that 11 out of the 14 licensed operators reported a positive AGR.

Taxes

Virginia sports betting laws mandate a 15% tax on each operator’s Gross Gaming Revenue (GGR). Of this tax, 97.5% is placed in the state’s General Fund, while the remaining 2.5% is designated for the Virginia Department of Behavioral Health and Developmental Services’ Problem Gambling Treatment and Support Fund. In May, a total of $8 million was collected in betting taxes. Of this amount, $7.9 million was deposited into the General Fund, and $0.2 million was allocated to the Gambling Treatment and Support Fund.

Written By:
Collins Garrett
Ziv has over two decades of experience in the igaming and sports betting industry, having served in senior marketing and business development positions with both B2C and B2B companies, including Playtech and Microgaming. In 2019, Ziv decided to pursue his passion for writing and became a fulltime industry journalist, covering casino, sports, and gambling business news. He’s specialties include casino games and technology, US state gambling regulation, company performance, as well as gambling affiliates and marketing. As a Pitt graduate, Ziv is a diehard fan of all Pittsburgh sports teams, with the Steelers at the top of the list. In his free time, he enjoys reading crime fiction, biographies (mainly of sports personalities, but not only) and American history. Ziv’s Favorite quote: “We’re going to pursue perfection, knowing full well we won’t catch it, but we’re going to relentlessly chase it,” Mike Tomlin, Pittsburgh Steelers Head Coach.